Economic Survey: China’s formula for 40 million jobs in 5 years, GDP growth forecast to be 6% to 6.5% in next financial year
- Estimated to be 5% in the current financial year, you may have to leave the target of fiscal deficit to increase growth.
- Government measures to stabilize onion prices do not seem to be affected: Survey
New Delhi: Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament on Friday. The survey, prepared by Chief Economic Advisor Krishnamurthy Subramanian, suggested the Chinese formula to give 4 crore jobs to the government in 5 years. The survey said that the focus on employment and exports included in ‘Make in India for World’ campaign in Make India India campaign Giving can provide 4 crore well-paying jobs by 2025 and 8 crore jobs by 2030.
It will also make it possible to accelerate to an economy target of $ 5 trillion. The Chief Economic Advisor made a difference in the export figures of China and India, saying that China places special emphasis on promoting workers. India also needs to do this. GDP growth is expected to reach 6-6.5 per cent in the coming financial year (2020-21). The growth rate is estimated to be 5% in the current financial year (2019-20). It will be the lowest in 11 years.
The survey says that India is also being affected by weakness in global growth. Growth in the current financial year also declined due to lack of investment due to financial sector problems. However, the fall that had to come is already done. Growth is expected to pick up from the next financial year. The survey also said that the government’s measures to stabilize commodity prices like onions do not seem to be effective.
The survey says that India is also being affected by weakness in global growth. Growth in the current financial year also declined due to lack of investment due to financial sector problems. However, the fall that had to come is already done. Growth is expected to pick up from the next financial year. The survey also said that the government’s measures to stabilize commodity prices like onions do not seem to be effective.
Suggestion to the government
- Need to spend $ 1.4 trillion on infrastructure to achieve the $ 5 trillion economy by 2025.
- In order to boost growth, fiscal deficit targets may have to be withdrawn.
- Property has to be collected before the distribution of assets, traders should look at it with respect.
- Manufacturing needs ideas such as ‘assembling in India for the world’. This will also increase employment.
- Red tape should be abolished at ports to boost exports. So that the business environment can be easier.
- Rules for starting a business, property registration, tax payment and contract enforcement should be simplified.
- To improve the functioning of public sector banks and to increase confidence, more and more information should be made public.
Survey theme – Market enabled, confidence in economy
The survey says that by 2025, the important way to make the country up to a $ 5 trillion economy is to earn money keeping ethics in mind. This time the Economic Survey was printed in light purple (lavender) color, as is the color of the new Rs 100 note. This time the survey theme is – ‘Make the market efficient, encourage business policies, have confidence in the economy’.
Prepared survey in six months: Chief Economic Advisor
Economic survey shows that how the country was on the economic front in the last year. Through this, the Chief Economic Advisor also gives suggestions to the government, so that the goals of the economy can be achieved. The budget came on July 5 last year. The Economic Survey was presented on 4 July. Chief Economic Advisor Krishnamurthy Subramanian said that his team worked hard and prepared an economic survey in just 6 months this time.
The first phase of the budget session will run till 11 February
Finance Minister Nirmala Sitharaman will present the general budget on Saturday. The facts of the Economic Survey are taken into consideration in the budget. But, it is not necessary that the economic survey should be reflected in the budget. The budget session has also started from today. The first phase of the budget session will run till 11 February. The second phase will start from March 2 to April 3.
