Budget 2019: CEA K V Subramanian Elaborates On The Cover, Theme And The Goals Of The Economic Survey 2019, Says It is To 'enable Shifting Gears'

Economy

Elaborating on the chapters of the economic survey 2019 he said that every chapter has a “Chapter at a Glance” that encapsulates the key ideas in the chapter.

Written By Navashree Nandini | Mumbai | Updated On:

The economic survey 2019 was presented by Finance Minister Nirmala Sitharaman, a day before she releases Annual Budget 2019 for the second term of the Modi government. CEA K V Subramanian explained the theme cover, colour and the goals of the Economic Survey 2019.

On the cover design, he said that the EcoSurvey2019 captures the idea of investment, savings, exports, growth and jobs as well as presents a virtuous cycle with investment as the key driver. About the theme of the Economic Survey 2019, he said that it is to enable “shifting gears” to accelerate and to sustain a real GDP growth rate of 8% and thereby achieve the vision of 5 trillion economy as envisioned by Prime Minister Modi. Elaborating on the chapters of the economic survey he said that every chapter has a “Chapter at a Glance” that encapsulates the key ideas in the chapter. The blue colour defines the limitless possibility. 

On the blue print for achieving 5 trillion economy, the Eco Survey 2019, as it is being called by the chief economic advisor Subramanian, he said: "Investment is the key driver that catalyses the economy to shift gears into a self-sustaining virtuous cycle when supported by a favourable demographic phase".

BUDGET 2019 | Economic Survey tabled in Parliament: 7% GDP predicted in FY2019-20, Key macro takeaways from CEA Krishnamurthy Subramanian here

Explaining the term 'Economic Survey Demystified', he said it presents a series of short videos explaining the key idea underlying each important chapter. The videos are available both in English and in Hindi. Tweeting the videos explaining various takeaways of the Economic Survey 2019, he highlighted that Beti Bachao Beti Padhao has been helpful in making a behavorial change.

"EcoSurvey2019 lays out an ambitious agenda for behavioural change including gender equality, a healthy & beautiful India, savings, tax compliance and credit quality. Heading into a century where data has become the new oil, Survey foresees countless opportunities in creating data as a public good of the people, for the people and by the people. Policy should enable MSMEs to grow, create greater profits for their owners and contribute to job creation and productivity in the economy."

Key highlights of the Economic Survey tabled by Finance Minister Nirmala Sitharaman:

  • 7% GDP growth predicted in FY20 on stable macroeconomic conditions (vs 6.8% in the fiscal that has just ended)
     
  • January-March slowdown partly because of election-related uncertainty
     
  • Farmers may have produced less in FY19 on food price fall
     
  • NBFC stress reason for FY19 slowdown
     
  • India needs to grow at 8% to become a $5 trillion economy by 2025
     
  • Investment rate seems to have bottomed out, seen higher in FY20 on higher credit growth
     
  • Decline in the non-performing assets (NPAs) should help push the capital expenditure cycle
     
  • Accommodative monetary policy to help cut real lending rates - credit for the RBI
     
  • Government stood by the fiscal consolidation path
     
  • Greenshoots in investment seems to be taking hold
     
  • General fiscal deficit seen at 5.8 percent in FY19 against 6.4 percent in FY18
     
  • Oil prices seen declining

READ: BUDGET 2019: Economic Survey focuses on private industries for creating a 'virtuous cycle' of growth, to become $5 trillion economy 

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