New Delhi: Finance Minister Nirmala Sitharaman has tabled the Economic Survey 2019 in both the houses of the Parliament i.e. Rajya Sabha and Lok Sabha. The survey has predicted 7% Gross Domestic Product (GDP) growth in FY20 on stable macro economic conditions.
As per the survey oil prices are also expected to decline in 2019-20. General fiscal deficit is seen at 5.8% in FY19 against 6.4% in FY18.
Krishnamurthy Subramanian, Chief Economic Adviser (CEA) said "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."
The Economic Survey, the annual report of the Indian economy for the year gone by (2018-19), also comes at a time when some critics said that the Modi government in its first term delivered a jobless growth and it needed to re-invent to propel the economy and create jobs.
Economic Survey of any year gives a detailed analysis of the economic situation of the country and is presented to Parliament a day before the presentation of the Annual Budget for the ensuing year.
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Since 2015, the survey document comes in 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.
