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PM Tweets Economic Survey '19, Outlines Vision to Become $5T Economy

PM Tweets Economic Survey ’19, Outlines Vision to Become $5T Economy

New Delhi, Friday, 5 Jul 2019: Today, Prime Minister Narendra Modi posted a tweet on his official Twitter handle related to the Central government’s roadmap about the approach of taking India to reach a $5 trillion economy. This was after Finance Minister Nirmala Sitharaman presented the Economic Survey 2018-19 to the parliament.

Along with a link to the document on the official website of the Finance Ministry, PM Modi tweeted-

“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.

Do read!
https://www.indiabudget.gov.in/economicsurvey/”

As per the government, the economic growth in fiscal 2020 could go up to 7% from 6.8% for the year, which ended on 31 March, experienced the slowest growth rate in the past five years.

The main author of the report, Chief Economic Advisor Krishnamurthy Subramanian, said-

“The growth in the economy is expected to pick in 2019-20 as macroeconomic conditions continue to be stable.”

This economic survey, which is an annual report on the economy’s health, released a day before Sitharaman would present the Union Budget 2019-20.

For India to become a $5 trillion economy by 2024-25 that is over twice the present size, the country has to maintain a real GDP (Gross Domestic Product) growth rate of 8%. And as the international experience suggests, it is achievable only when there’s a sustained “virtuous cycle” of investment, savings, and exports.

According to the survey-

“The political stability in the country should push the animal spirits of the economy, while the higher capacity utilisation and an uptick in business expectations should increase investment activity in 2019-20.”

Moreover, the document also analyzes the situation by comparing several social and industry sectors before the Modi government launched programs for these areas such as from basic initiatives including sanitation and cooking gas to even more complex sectors that include manufacturing.

The Economic Survey states-

“As a result of the efforts of the Government, as on date, 98.9 per cent of India has been covered under SBM (Swachh Bharat Mission).”

The NDA govt is anticipated to increase expenditure to drive economic growth through tax incentives for boosting consumer demand and investment.

A shortage in the monsoon rain, which is important for the agriculture sector, constitutes 15% of the economy and employs about half of India’s workers, has led to the rise of concerns regarding rural distress and has reinforced the case for govt intervention.

After the Modi govt won a second term with a huge majority in the General Elections 2019, this is the first Economic Survey.

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