Economic Survey 2019-20: The economy is staring at a more than 11-year low annual expansion rate
Economic Survey 2020 LIVE: Finance Minister Nirmala Sitharaman tabled the Economic Survey for the financial year ending March 2020 in both houses of Parliament - the Lok Sabha and the Rajya Sabha - on Friday. Prepared by the Government of India's Chief Economic Advisor Krishnamurthy Subramanian and his team, the Economic Survey 2019-20 pegs economic growth between 6 per cent and 6.5 per cent in the financial year ending March 2021. The Economic Survey also states that real estate companies lower home prices to clear their unsold inventories. Krishnamurthy Subramanian along with his team will address a press conference at 1:45 pm in New Delhi. An Economic Survey is a comprehensive report card on the economy, through which the Government of India's Chief Economic Adviser shares his perspective on the economy, provides insights on government's plans, delineates policy challenges faced by the government and makes necessary suggestions.
Here are LIVE updates on Krishnamurthy Subramanian's Economic Survey 2019-20:
Share Of Formal Employment Increases To 22.8% In 2017-18: Economic Survey
Share of formal employment increases from 17.9 per cent in 2011-12 to 22.8 per cent in 2017-18 reflecting formalization in the economy, says Economic Survey.
Pick Up In Second Half Of Current Financial Year Would Be Mainly Due To Pick Up In Nifty, Says Economic Survey
The Survey says that the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of NIFTY for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandize exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.
Could Have Spent Double On Social Sector Had Wealth Not Been Eroded By Wilful Defaulters: Chief Economic Advisor
If wealth had not been eroded by wilful defaulters, we could have spent almost double the amount on social sectors, says Chief Economic Advisor Krishnamurthy Subramanian.
Change In Composition Of Sensex Shows Pro-Business Policies Give Level Playing Field To All, Says Chief Economic Advisor
Change in composition of Sensex over the years shows that pro-business policies give a level playing field, providing opportunities to all and keeping incumbents on their toes, says Chief Economic Advisor Krishnamurthy Subramanian.
Sensex Reached 10,000 From 5,000 In 170 Months: Krishnamurthy Subramanian
Economic Survey highlights that it took the Sensex 170 months to reach the 10,000 mark from 5,000, whereas the subsequent milestones were reached must faster: Chief Economic Advisor Krishnamurthy Subramanian
It took Sensex little longer to reach 40,000 from 35,000, which is reflective of slowdown: Chief Economic Advisor
Government Should Deliver Expeditiously On Reforms To Revive Growth: Economic Survey
Here are some highlights of the Economic Survey 2019-20:
- Fiscal deficit target for current fiscal may need to be relaxed to revive growth
- Uptick in growth projected in second half of current fiscal based on 10 factors including higher FDI flows, build up of demand pressure, positive GST revenue growth
- Survey asks government to deliver expeditiously on reforms to revive growth
- Ethical wealth creation key to India becoming $5 trillion economy by 2025
- Share of formal employment increased from 17.9% in 2011-12 to 22.8% in 2017-18
- That reflects formalisation in the economy
- India needs to spend about $1.4 trillion over these years on infrastructure to $5 trillion target by 2024-25
- 2.62 crore new jobs created in rural, urban areas between 2011-12, 2017-18 among regular wage/salaried employees
- 8 per cent increase in regular employment of women in 2017-18 over 2011-12
- Excessive government intervention in markets, especially when the market can do the job of enhancing citizens welfare perfectly well, stifles economic freedom
- Debt waivers disrupt the credit culture, reduces formal credit to same farmers
- Suggests government to systematically examine areas where it needlessly intervenes and undermines markets
- Calls for improving governance in public sector banks, more disclosures to build trust
- Calls for measures to make it easier to start new business, register property, pay taxes, enforce contracts
- Easing of crude prices lowers current account deficit; imports contract more sharply than exports in first half of current fiscal year
- Declining inflation from 3.2% in April 2019 to 2.6% in December 2019, reflecting weakening demand pressure in the economy
- GST collections grew 4.1% for the centre during April-November 2019
India Has Been Dominant Economic Power: Krishnamurthy Subramanian
"India has been a dominant economic power... such dominance does not happen by chance," said Chief Economic Advisor Krishnamurthy Subramanian while briefing the media in a press conference after the release of Economic Survey 2019-20.
Theme For Economic Survey Is Wealth Creation: Krishnamurthy Subramanian
Theme for this year's economic survey is wealth creation: Chief Economic Advisor Krishnamurthy Subramanian
Global Trade Tensions Could Hit India's Exports, Says Economic Survey
The Economic Survey has warned that global trade tensions could hit India's exports. The survey has also said that financial year 2020-21 is expected to pose challenges on fiscal front.
Economic Survey Says May Need To Relax Fiscal Gap Target
The Economic Survey has said that the government may need to relax fiscal gap target for the current financial year to revive growth.
Economic Survey Calls For Lowering Real Estate Prices
The Economic Survey 2020 has called upon real estate companies to lower home prices to clear unsold inventory. The Economic Survey has also said that greater home sales can clear banks and NBFC balance sheets.
Economic Survey Cuts GDP Growth For Current Financial Year To 5% From 7%
The Economic Survey has cut India's growth outlook to 5 per cent from 7 per cent projected in the Economic Survey presented by the Chief Economic Advisor KV Subramanian in July last year.
GDP Growth Seen At 6-6.5% In 2020-21: Economic Survey
The government's Economic Survey pegged GDP growth at 6-6.5 per cent in the next fiscal year, which will end in March 2021. (Read more here
India Economic Survey 2020 Tabled In Parliament
Finance Minister Nirmala Sitharaman tabled the Economic Survey for financial year 2019-20 in Parliament.
Economic Survey 2020: Sensex, Nifty Near Day's Low
The S&P BSE Sensex and NSE Nifty 50 indexes traded near day's lowest levels ahead of the presentation of Economic Survey.
At 12:24 pm, the Sensex was down 167 points or 0.4 per cent at 40,742 and the NSE Nifty 50 was below 12,000, down 0.5 per cent or 63 points at 11,973.
President Ram Nath Kovind Addresses Joint Sitting Of Parliament
The Budget Session of Parliament began with an address by President Ram Nath Kovind to the joint sitting of Lok Sabha and Rajya Sabha in Parliament. My government has brought out many reform measures that have helped better India's rank on several global matrices and indicators, the President said.
All initiatives taken by my government and schemes launched has been done to benefit the poor and marginalised, the benefits from which are being received by all sections of society, President Kovind said. (Catch LIVE updates on Budget Session here
In July, Economic Survey Projected 2019-20 GDP Growth At 7%
The last Economic Survey - released in July - projected GDP or gross domestic product growth at 7 per cent in financial year 2019-20. That Economic Survey was the first by the re-elected Narendra Modi government.
Typically, the Economic Survey is released a day before the presentation of Union Budget in Parliament.
Economic Survey 2019-20: Economists Await GDP Projections In Economic Survey 2019-20
Economists and policymakers keenly await the government's economic projections amid a prolonged economic slowdown, at a time Prime Minister Narendra Modi's government has set an ambitious target of making India a $5-trillion economy by 2024-25.
Economic Survey: Nirmala Sitharaman To Table Economic Survey In Parliament Shortly
"We all should make sure that in this session, we lay a strong foundation for this decade," said Prime Minister Narendra Modi ahead of the presentation of Economic Survey by Finance Minister Nirmala Sitharaman in Parliament. "This session will be focussed mainly on economic issues. I want that in both houses there are good debates on these issues," the Prime Minister said.
Economic Survey: Krishnamurthy Subramanian Press Conference At 1:45 PM Economic Survey 2019-20: Economic Survey Comes Amid Prolonged Slowdown, Weakness Across Sectors
At the current juncture, the economy is sputtering against a prolonged slowdown, demand contraction and job losses.
Stagflation hangs like the sword of Damocles on the economy, with GDP growth hitting rate a more than six-year low of 4.5 per cent in the September quarter and consumer inflation soaring to 7.35 per cent in December - the worst level recorded since July 2014.
The government has estimated the annual rate of economic expansion at 5 per cent in the current fiscal year - the worst since the global financial crisis of 2008-09.
Economic Survey 2019-20: What Economic Survey Is And Why It Is Important
In the Economic Survey, Government of India's Chief Economic Advisor recommends policy changes, and gives an overview of the economic situation in the country.
The Economic Survey holds significance as it apprises the common people about the state of economic affairs in the country and makes them aware about the key economic decisions of the government which impact their lives in a considerable way. (Read More About Economic Survey
Economic Survey Comes At A Time 2019-20 GDP Growth Seen At 11-Year Low
Chief Economic Advisor Krishnamurthy Subramanian has a lot on his plate as he braces to present the Economic Survey a mere 24 hours from now.
The Economic Survey 2019-20 comes at a time the economy is starting at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009-09 - amid thousands of job cuts due to weakness across sectors.
Economic Survey Seen Projecting 6-6.5% Growth In 2020-21, Says Report
The Economic Survey is seen projecting growth of 6 per cent to 6.5 per cent in the next financial year (2020-21), boosted by a series of fiscal measures to revive demand that the government is likely to announce in the budget, news agency Reuters reported quoting a source.
India faces its worst economic slowdown in a decade. Growth slipped to 4.5 per cent in the July-September quarter, imperilling job prospects for millions of young people entering the workforce each year.
Chief Economic Adviser Krishnamurthy Subramanian along with his team will address a press conference in New Delhi at 1:45 pm, after the Economic Survey 2019-20 is tabled in both the houses of Parliament by Finance Minister Nirmala Sitharaman.
An Economic Survey is a comprehensive report card on the economy, through which the Government of India's Chief Economic Adviser shares his perspective on the economy
Nirmala Sitharaman To Table Economic Survey In Parliament Shortly
Finance Minister Nirmala Sitharaman will table the Economic Survey in both houses of Parliament today. The release of Economic Survey 2019-20 comes a day before the Finance Minister presents the Union Budget 2020-21 in Parliament.
Analysts, economists, tax experts as well as the common man will look eagerly for any big announcements especially tax proposals in the Finance Minister's Budget speech on Saturday.