Economic Survey Lays Roadmap for Jobs; Warns GST, Farm Schemes May Pose Challenges on Fiscal Front
Newly appointed Chief Economic Adviser (CEA) KV Subramanian, in his first economic survey, has predicted real Gross Domestic Product (GDP) growth rate at 7 per cent.
The Economic Survey was tabled in Parliament by Finance Minister Nirmala Sitharaman.
New Delhi: The first economic survey for the newly elected Narendra Modi government lays a five-year roadmap for a spur in job creation in the country along with focusing on growth. The survey says job creation can be fostered by boosting private investment.
Newly appointed Chief Economic Adviser (CEA) KV Subramanian, in his first economic survey, has predicted real Gross Domestic Product (GDP) growth rate at 7 per cent. The annual document also cautions against new schemes being funded at the cost of raising the fiscal gap.
For new schemes to be funded, the Centre needs revenue and the economic survey says that revenue mop-up may be hit if growth slows in the current financial year.
The survey also informed that falling nominal GDP growth shows secular inflation fall. The share of informal sector to manufacturing growth fell in the previous financial year, says the survey.
Pointing at the possible hurdles for the economy in the future, the survey said slow growth, GST and farm schemes will pose challenges on the fiscal front.
The already struggling export sector of India may further slump as lower global growth, increased uncertainty over trade tension may hit exports. However, an aggressive export strategy must be part of investment-driven model.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Akshay Kumar Asks Housefull 4 Cast to Sell Tea on Train, Watch Who Does Best
- Ranveer Singh Gets Cheeky with Deepika Padukone on Social Media
- Inside Saif Ali Khan, Kareena Kapoor's Wedding Anniversary Party
- Mithali Raj Dedicates Taylor Swift Song to Troll Criticising Her Language Preferences
- Redmi Note 8, Redmi Note 8 Pro Launched in India: Specs, Price and More