The Big Picture - Economic Survey 2019-20
The Economic Survey 2019-20 tabled by Finance Minister Nirmala Sitharaman on Friday projected growth for the next fiscal starting April 2020-21 at 6 per cent to 6.5 per cent. The pre-budget survey has also retained the growth numbers for the current fiscal at five per cent. The annual economic survey, prepared by a team headed by the Chief Economic Adviser Krishnamurthy Subramanian, also stressed on the need to relax fiscal deficit for the current fiscal to revive growth. It also called for more reforms for making it easier to do business in the country. The survey observed that there is an urgent need to remove red tape at ports to promote exports apart from eliminating other business hindrances such as registering property, paying taxes and enforcing contracts. While it mentioned that weak global growth has impacted India, it also acknowledged the fact that investment has slowdown due to domestic financial sector issues. The Economic Survey also said that the government must deliver on reforms quickly as it is the only way to enable an economic recovery in the upcoming fiscal. Improving governance in public sector banks and the need for better disclosure of information other key steps recommended by the Economic Survey.