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Economic Survey LIVE: Jobs Take Centre Stage; CEA Says India Must Shift Gears to Achieve 8% Growth

News18.com | July 4, 2019, 2:33 PM IST
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Economic Survey 2019 LIVE: Chief Economic Adviser KV Subramanian today said the Economic Survey 2019 was a blueprint for achieving the vision laid down by Prime Minister Narendra Modi. Subramanian, addressing a press conference after the survey was tabled in Parliament by Finance Minister Nirmala Sitharaman ahead of the presentation of Budget 2019, said India must shift gears to achieve 8 per cent growth every year. The survey projects the state of health of the country's economy and outline the challenges.

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.
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Jul 4, 2019 2:33 pm (IST)

The Economic survey suggests that 100 per cent clearance rate can be achieved by filling out merely 2279 vacancies in the lower courts and 93 in High Courts.

Jul 4, 2019 2:23 pm (IST)

'Delays in Judicial Cases a Hurdle': Survey | The Economic Survey also focuses on issues of pending judicial cases on grounds that "delays in contract enforcement and disposal resolution are arguably now the single biggest hurdle to the ease of doing business and higher GDP growth in India".

Jul 4, 2019 2:13 pm (IST)

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."

Jul 4, 2019 2:11 pm (IST)

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. 

Jul 4, 2019 2:03 pm (IST)

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, 

Jul 4, 2019 1:48 pm (IST)

The survey, however, says that environmental and water management issues need to be incorporated in the Swachh Bharat Mission for sustainable improvements in the long-term.

Jul 4, 2019 1:47 pm (IST)

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".

Jul 4, 2019 1:33 pm (IST)

The Chief Economic Adviser KV Subramanian says, "We were inspired by Gandhi. He said, "think about the weakest person and how your policy can better his life'."

Jul 4, 2019 1:31 pm (IST)

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. 

Jul 4, 2019 1:19 pm (IST)

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.

Jul 4, 2019 1:15 pm (IST)

Unshackling of MSMEs Required For Growth: Economic Survey | The Economic Survey blames "dwarf" companies for slow growth. "To unshackle MSMEs and thereby enable them to grow all size-based incentives must have a sunset clause of less than ten years with necessary grand-fathering," the survey reads. 

Jul 4, 2019 1:10 pm (IST)

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. 

Jul 4, 2019 1:04 pm (IST)

Intervention Needed Where Private Investment in Data is Inadequate | In the chapter titled 'Data Of the People, By the People, For the People', the Survey calls for government intervention in social sectors of the country "where private investment in data is inadequate".

Jul 4, 2019 12:51 pm (IST)

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%.

Jul 4, 2019 12:43 pm (IST)

A snapshot of the Economic Survey, as tweeted by the Press Information Bureau.

Jul 4, 2019 12:34 pm (IST)

The Economic Survey is divided into eleven chapters focusing on different aspects like job growth, Ministry of Micro, Small and Medium Enterprises (MSME) and welfare schemes.

Jul 4, 2019 12:26 pm (IST)

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. 

Jul 4, 2019 12:18 pm (IST)

'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.

Jul 4, 2019 12:15 pm (IST)

The survey has warned that the government must not compromise on fiscal gap aimed to fund new schemes and there are several challenges, including trade tension, that can hit growth.

Jul 4, 2019 12:13 pm (IST)

Share of Informal Sector Fell in FY19 | The Economic Survey has highlighted that the falling nominal GDP growth shows secular inflation fall. Share of the informal sector also fell in FY19.

Jul 4, 2019 12:09 pm (IST)

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.  

Jul 4, 2019 11:54 am (IST)

According to the Economic Survey, "India needs to grow at 8% per year to be a $5 trillion economy by FY25".  Lower global growth and increased uncertainty over trade tension may hit exports, the survey says. 

Jul 4, 2019 11:51 am (IST)

Jobs Creation Takes Centre Stage in Economic Survey | The Economic Survey lays a strong emphasis on job creation. It further looks at private investment as the "key driver" to generate jobs. 

Jul 4, 2019 11:43 am (IST)

The Economic Survey, which was tabled by Finance Minister Nirmala Sitharaman in the upper house of the Parliament, also pegs the fiscal deficit at 5.8 percent in FY19. This is in contrast to F18's 6.4 percent. 

Jul 4, 2019 11:37 am (IST)

Economic Survey Predicts 7% GDP Growth | The Economic Survey predicts a 7 percent GDP growth rate for FY 2020 on stable macro conditions. A slowdown was seen in the months between January and March, the months leading up to the Lok Sabha polls.  

Jul 4, 2019 11:30 am (IST)

Finance Minister Nirmala Sitharaman tables Economic Survey in the Rajya Sabha.

Jul 4, 2019 11:13 am (IST)

Finance Minister Nirmala Sitharaman arrives in Parliament ahead of today's crucial session. 

Jul 4, 2019 11:08 am (IST)

Hours ahead of the release of the Economic Survey Chief Economic Adviser Krishnamurthy Subramanian says, "Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to the ideas for the economy." 

Jul 4, 2019 11:05 am (IST)

The Economic survey is also likely to push for labour reforms with the focus on job creation. A suggestion for a sunset clause for size-based incentives Ministry of Micro, Small and Medium Enterprises is also expected. 

Jul 4, 2019 10:59 am (IST)

What to Expect in Economic Survey | CNBC-TV18 sources have indicated that the survey will lay out a strategy for 8% average growth in the next five years. The survey is also likely to stress on better savings, investments and growth through changes in changes in the Insolvency and Bankruptcy Code. 

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Economic Survey LIVE: Jobs Take Centre Stage; CEA Says India Must Shift Gears to Achieve 8% Growth

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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