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Hours ahead of the reveal, Subramanian said: “Our team has put in a lot of effort. I hope that the ideas are good and contribute to the economy,” Subramanian said just hours ahead of the reveal. On Tuesday, the CEA had also tweeted saying that he was “looking forward” to table his first survey.
PM Narendra Modi has tweeted saying that the Economic Survey outlines a vision to achieve a $5 trillion economy. "It also depicts the gains from advancement in the social sector, adoption of technology and energy security."
The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy.— Narendra Modi (@narendramodi) July 4, 2019
It also depicts the gains from advancement in the social sector, adoption of technology and energy security.
According to the survey, India globally ranks at fourth in terms of wind power and fifth in terms of solar power and "renewable power installed capacity". The survey highlights the need to increase the market share of electric cars, and access to fast battery charging facilities towards this purpose.
Economic Survey on 'Inclusive Growth' | The Economic Survey also focuses on "inclusive growth through affordable, reliable and sustainable energy". "2.5 times increase in per capita energy consumption needed for India to increase its real per capita GDP by $5000 at 2010 prices, and enter the upper-middle income group," the survey says,
Economic Survey on Swachh Bharat Mission | The Chief Economic Adviser in his addresses also highlights the "achievements" of the Swachh Bharat Mission. The survey itself says that there have been considerable benefits brought about by Swachh Bharat Mission. According to the survey, "93.1% of the households have access to toilets".
Based on PM Modi's Vision For 5 Trillion Dollar Economy Says Chief Economic Adviser | KV Subramanian in a press conference outlines the Economic Survey. "(It is) a vision that is already provided by the PM for a 5 trillion dollar economy. The second aspect is a strategic blueprint and third is providing tactical tools necessary in achieving the goals," he says.
The Economic Survey points to labour regulation that exempts smaller firms. "...such labour legislation creates perverse incentives for firms to remain small," the survey reads. Survey also focuses on service sectors such as tourism, with high spillover effects on other sectors such as hotel & catering, transport, real estate, entertainment etc. for job creation.
Towards a government-driven data revolution, the survey suggests:-
1. Merging of disparate datasets maintained by different government agencies
2. Cover a critical mass of individuals/firms so that comparisons and correlations can be assessed among individuals/firms to generate useful policy insights
3. data must have long enough time-series so that dynamic effects can be studies and employed for policymaking.
The Economic Survey blames "dwarf companies" (small firms which never grow beyond their small size) as one of the factors inhibiting job growth. "Firms that are able to grow over time to become large are the biggest contributors to employment and productivity in the economy". According to the survey, dwarfs (firms with less than 100 workers) despite being more than 10 years old, account for more than 50% of all organized firms in manufacturing by number and contribute only 14% and to productivity is a mere 8%.
A snapshot of the Economic Survey, as tweeted by the Press Information Bureau.
A snapshot of Indian Economy from the #EconomicSurvey2019#EcoSurvey2019#Economy5trillion— PIB India (@PIB_India) July 4, 2019
Also check out for details ➡️https://t.co/aVuSGzyoOS@PMOIndia @nsitharaman @FinMinIndia pic.twitter.com/xzy7mHFFzQ
KV Subramanian in his tweet also explains that the blue hue of the cover signifies the spirit of "blue sky thinking" when thinking about the appropriate economic model for India.
#EcoSurvey2019 is imbued by the spirit “blue sky thinking” in thinking about the appropriate economic model for India. This is reflected in the sky blue cover of the Survey 1/3 @FinMinIndia @PIB_India @nsitharamanoffc— K V Subramanian (@SubramanianKri) July 4, 2019
'Clear Vision, Strategic Blueprint, Tactical Tools' Needed, Says KV Subramanian | Minutes after the release of the Economic Survey, Chief Economic Adviser KV Subramanian tweets saying that policymaking needs a clear vision, a strategic blueprint and tactical tools.
In an unpredictable world, policymaking needs: 1. Clear Vision: #Economy5trillion, 2. Strategic blueprint: #EcoSurvey2019,3. Tactical tools for constant recalibration based on real time data. Data must be created as a public good “of the people, by the people, for the people” 2/5— K V Subramanian (@SubramanianKri) July 4, 2019
The Economic Survey highlights that investments, and private investment that too, is essential for economic growth. "Investment, especially private investment, is the 'key driver' that drives demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction, and generates jobs," the survey reads.
The economic survey said India will face a challenge on the fiscal front following an economic slowdown impacting tax collections amid rising state expenditure on the farm sector. It also said economic growth in the current fiscal year could rise to 7.0% from the 6.8% for the year that ended March 31, which was the slowest pace in five years.
Tweeting about the economic survey, Prime Minister Narendra Modi said: “The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy. It also depicts the gains from advancement in the social sector, adoption of technology and energy security.”
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