January 31, 2020 03:46 PM
New Delhi: Parliamentary budget session began on Friday. First President Ramnath Kovind delivered a lengthy speech addressing the House. Finance Minister Nirmala Sitharaman introduced the Economic Survey in the Lok Sabha. The Lok Sabha was adjourned to Saturday. The Finance Minister will introduce the Union Budget tomorrow at 11 am.
The survey predicts economic growth for the next financial year to be 6 to 6.5 percent. The government prepares this economic survey mainly to review the current state of the economy. The survey also suggests what the government should do, along with policy changes to drive the growth of the economy.
New Firm Creation:
The Economic Survey highlighted that new firm creation in India has increased dramatically since 2014. There has been 12.2 % cumulative annual growth rate of new firms in the formal sector during 2014-18, compared to 3.8 % during 2006-2014. About 1.24 lakh new firms created in 2018, an increase of about 80 % from about 70,000 in 2014.
Pradhan Mantri Awaas Yojana:
The Survey noted, the two Schemes, Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) and Pradhan Mantri Awaas Yojana- Urban (PMAY-U), seek to achieve the target of housing for all by 2022. Under PMAY-G, the number of houses completed in a year increased by more than four times, from 11.95 lakh in 2014-15 to 47.33 lakh in 2018-19, states the Survey.
2.6 crore jobs created in Rural and Urban Areas Between 2011-12 and 2017-18
The Survey said that along with efforts for generating additional employment, special focus has been on improving quality of jobs and formalisation of the economy, notes the Economic Survey. The share of regular wage/salaried employees has increased by 5 percentage points from 18 per cent in 2011-12 to 23 per cent in 2017-18. In absolute terms, there was a significant jump of around 2.62 crore new jobs with 1.21 crore in rural areas and 1.39 crore in urban areas in this category.
Other Key Highlights in Economic Survey
To make markets accessible, promote pro-business policies and build confidence in economies, The 2019-20 survey was brought under the theme of;
- Moral wealth is the key to becoming a $ 5 trillion economy
- The growth rate is expected to be between 6-6.5% in the fiscal year beginning April 1.
- Tax revenues are likely to fall below expectations in the current fiscal year.
- GST tax revenues are likely to increase in the next financial year.
- Between 2011-12 and 2017-18, 2.62 crore jobs were created.
- Attempts to apply economics to the common name of the term economics. The cost of buying a plate meal is 29 percent, The survey says that has improved.
- The government is committed to doubling the income of farmers by 2022.
- Government provides credit, technology and services to small, micro and medium enterprises.
- Investments in highways and roads have tripled from 2014-15 to 2018-19.
- About 95 per cent of the Indian trade volume and 68 per cent of the value of the currency was shipped by sea.
- Indian Railways has set a record as the world’s largest freight forwarder. 120 crore tonnes of cargo, 840 crore
Added travellers to destinations.