Following are the highlights of the Economic Survey 2018-19tabled in Parliament Thursday:
* GDP growth pegged at 7 pc in 2019-20, up from 6.8 pc lastfiscal
* Growth in current fiscal to be driven by investment,consumption
* Sustained 8 pc growth needed to become a USD 5-trillioneconomy by 2024-25
* Huge political mandate augurs well for growth prospects
* Investment is the “key driver” of simultaneousgrowth in demand, jobs, exports & productivity
* Green shoots in investment, visible pick-up in creditgrowth seen
* Crude oil prices to decline in 2019-20, to pushconsumption
* General government fiscal deficit seen at 5.8 pc in2018-19, against 6.4 per cent last fiscal
* Projects imports to grow at 15.4 pc, exports at 12.5 pcfor 2018-19
* Projects 283.4 million tonne of foodgrain production in2018-19
* Foreign exchange reserves at USD 422.2 billion in June2019
* Suggests policies to unshackle MSMEs to grow, create jobsand enhance productivity
* Calls for reorienting policies to promote young firmswhich have the potential to become big, rather than small MSME firms whichremain small
* Flags need to prepare for ageing of the population; thisnecessitates more healthcare investment, increasing retirement age in a phasedmanner
* Highlights the immense potential of data of societalinterest, says data should be “of the people, by the people, for thepeople”
* Legal reform, policy consistency, efficient labour marketsand use of technology focus areas
* Contract enforcement biggest constraint to improve Ease ofDoing Business ranking; much of the problem is concentrated in the lower courts
* Low pay and wage inequality remain serious obstaclestowards achieving inclusive growth.
* Policy changes needed to lower overall lifetime ownershipcosts and make electric vehicles an attractive alternative to conventionalvehicles
* Survey recommends harmonised overarching National Policyon Resource Efficiency.