The economic survey projecting the state of health of the country's economy and outlining the challenges has been tabled in the Parliament, a day ahead of the Modi government 2.0's first Budget.The survey that has been prepared by the new Chief Economic Adviser, Krishnamurthy Subramanian, in its headline projection, has pegged India's GDP growth for the ongoing 2019-20 fiscal at 7.0%, alongside a number of other key macro statistics and forecasts.
As mentioned above, the Economic survey was tabled, first in the Rajya Sabha, and projects that GDP growth for the ongoing fiscal will rise to 7.0% versus 6.8% in the fiscal that just ended, meaning that India would remain the fastest-growing major economy in the world. It also termed the macroeconomic condition as 'stable' for the same period, holding that structural reforms of the last few years are continuing to enable growth.
The Economic Survey also outlined that investment rate - likely to be key to what emerges from the Budget on Friday, seems to have bottomed out, with details likely to come to the fore in due course.
The Economic Survey is a survey that outlines challenges and gives a report of economic performance. The survey document has two parts. One part consists of commentary on the state of the economy, which is released before the Union Budget. The other part carries key economic statistics and data, which is tabled in July or August. This split in the presentation took effect after the Union Budget was moved from the last working day of February to the first day of the month in 2017.The Economic Survey serves as a useful policy document since it also contains policy ideas, key statistics on economic parameters and in-depth research on macro and sectoral trends. Often, the survey serves as a policy guideline for the Union Budget. However, its recommendations are not binding on the government.
Before tabling the economic survey, Chief Economic Adviser Krishnamurthy Subramanian said that he is hopeful and his team has worked with utmost dedication:
"Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to the ideas for the economy. I hope the almighty blesses us," he said.
Visuals of the Economic survey being carried to the Parliament were also seen. This will be the first Budget that will be tabled by the newly appointed Finance Minister Nirmala Sitharaman and comes months after the interim budget presented by Piyush Goyal: