Economic Survey 2020 Highlights: Thalinomics to Jobs – Check Key Highlights of Economic Survey 2019-20
Economic Survey 2020 highlights: State of Indian Economy revealed in a document
Key Highlights of Economic Survey of India 2019-20: Finance Minister Nirmala Sitharaman tabled the Economic Survey of India 2020 in the Parliament today. Ahead of the Economic Survey, the Indian rupee appreciated by 17 paise to 71.41 against the US dollar in early trade on Friday. Parliament’s Budget Session is also starting today. Ahead of the Budget Session, PM Modi said, “Our government’s identity has been of empowering Dalits, women, those who face exploitation; want to continue efforts. I want a vast, qualitative discussion on the economy in both houses. We should make sure that in this session, we lay a strong foundation for this decade,” PM Modi said. “Let this session focus upon maximum possible economic issues and the way by which India can take advantage of the global economic scenario. Strengthening its economic activities, India should get the maximum benefits of global conditions. Our government has been identified with the empowerment of the oppressed, the exploited, the deprived classes and women. We will be focussing upon the same in this decade too,” PM Modi said.
Following are the highlights of Economic Survey of India 2019-20:
Key Highlights of Economic Survey 2019-20
Thalis more affordable for Indians now!
The Economic Survey said that the affordability of Thalis vis-à-vis a day’s pay of a worker has improved over time, indicating improved welfare of the common person. The Economic Survey 2019-20 presented in Parliament today by the Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman states that affordability of vegetarian Thalis improved 29 percent from 2006-07 to 2019-20 while that for non-vegetarian Thalis by 18 percent.
More new firms created
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.
47.33 Lakh Houses Completed Per Year in 2018-19 Under PMAY- Gramin
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.
Infrastructure Investment of Rs.102 Lakh Crore in FY 2020-2025
The Survey said that to achieve GDP of USD 5 trillion by 2024-2025, India needs to spend about USD 1.4 trillion (Rs.100 lakh crore) over these years on infrastructure so that lack of infrastructure does not become a constraint to the growth of Indian economy. NIP is expected to enable well-prepared infrastructure projects that will create jobs, improve ease of living and provide equitable access for infrastructure for all thereby making growth more inclusive.
7.9 Per Cent Growth Registered in Livestock Sector During Last Five Years
The Survey said that Livestock income has become an important secondary source of income for millions of rural families and has assumed an important role in achieving the goal of doubling farmers’ income, says Economic Survey. Livestock sector has been growing at a Compound Annual Growth Rate (CAGR) of 7.9 per cent during last five years.
The Survey said that despite ongoing developmental efforts, forest and tree cover are increasing considerably. The forest and tree cover have reached 80.73 million hectares which is 24.56 per cent of the geographical area of the country. The Survey further highlighted that the States/UTs showing gain in forest cover are Karnataka (1,025 sq. km), Andhra Pradesh (990 sq. km) and Jammu & Kashmir (371 sq. km) whereas those showing loss in forest cover include Manipur, Meghalaya, Arunachal Pradesh and Mizoram. In the Forest Report 2019, the total carbon stock in forest is estimated as 7,124.6 million tons, showing an increase of 42.6 million tons as compared to the last assessment in 2017.
Ayushman Bharat and Health
Ayushman Bharat, the world’s biggest health care Scheme to improve access to health and delivery of health services at massive scale, has set up 28,005 Health & Wellness Centres as on 14th January 2020. “To promote preventive healthcare, one and half lakh Ayushman Bharat- Health and Wellness Centres are proposed to be set up by 2022,” the Survey said.
As per the latest National Health Accounts 2016-17, the out of pocket expenditure (OoPE) on health as a percentage of total health expenditure declined from 64.2 per cent in 2013-14 to 58.7 per cent in 2016-17, observed the Economic 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.
India has become Second Largest Emerging Green Bond Market after China
Survey observed that India has the Second largest Emerging Green Bond Market after China. The SBI entered the market with an US$650 million Certified Climate Bond. India also joined International Platform on Sustainable Finance (IPSF) in 2019 to scale up the environmentally sustainable investments.
All Urban Areas of 35 States/UTs Declared Open Defecation Free;
Swachh Bharat Mission (Urban) was launched in 2014 with twin objectives of ensuring 100 percent scientific solid waste management and making urban India ODF achieve total environmental improvement. All Urban areas of 35 States/UTs have become ODF and the percentage of waste processing rose from around 18 percent to 60 percent.
Services Sector Sees 33 Per Cent Jump in Gross FDI
Growing in its significance, the Services Sector accounted for about 55percent of the economy and Gross Value Added (GVA) growth, two-thirds of total FDI inflows into India and about 38percent of the total exports. This was emphasized by the Economic Survey 2019-20, tabled in the Parliament today by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman. The sector’s share now exceeds 50 per cent of the Gross State Value Added in 15 out of the 33 states and UTs, the Survey further noted.
Improvement in Space Sector
India’s space program has grown exponentially since its modest beginnings five decades ago, moving from simple mapping services to many more uses currently. Even though India’s spending is less compared to others, ISRO has launched around 5-7 satellites per year in recent years with almost no failures.
Chief Economic Advisor Krishnamurthy Subramanian said, “Our team has done a lot of hard work. The team has prepared the second economic survey in six months.”