Economic Survey 2019-2020 Highlights: CEA Krishnamurthy Subramanian Advises Govt to Relax Fiscal Deficit Target To 3.3% From 3.4% for Current Fiscal Year to Revive India's Growth, Here's More From The Survey

New Delhi, January 31: Chief Economic Adviser Krishnamurthy Subramanian briefed the media about the Economic Survey 2020 (ES 2020), and pointed out the fiscal deficit target may have to be relaxed for current year (FY 2019-20) to 3.3 percent from 3.4 percent in the previous year (FY 2018-19), as the a 'strong rebound' to revive growth of the economy. He also pegged country's economic growth at 6-6.5 percent in the upcoming financial year.

This year the 14-page 'Economic Survey 2019' document was presented by Union Finance Minister Nirmala Sitharaman in the Parliament, which was printed in lavender colour and symbolises the blending of the old and the new. CEA stated that this year's ES 2019 theme was wealth creation. He said, "Wealth is both a cause and effect of investment. That is why it is important for us to focus on wealth creation." Economic Survey Tabled by Nirmala Sitharaman Ahead of Budget 2020-21, GDP Growth Pegged at 6-6.5 Percent.

Here Are the Key Highlight of Economic Survey 2019-20:

1) GDP growth pegged at 6-6.5 percent for FY 2020-21 -- starting April 1 -- which is up from 5 percent in FY 2019-20.

2) Fiscal deficit target may need to be relaxed to revive growth.

3) ES 2019 asks Union government deliver expeditiously on reforms to revive growth.

4) India needs to spend about USD 1.4 trillion on infrastructure to reach GDP of USD 5 trillion by 2024-25.

5) ES 2019 asks government to ease intervention in markets, especially when it can do the job of enhancing citizens welfare perfectly well.

6) Government should not entertain debt waivers as it disrupt the credit culture and reduces formal credit to same farmers.

7) ES 2019 asks government to systematically examine the areas where it needlessly intervenes and undermines markets.

8) Government should focus on more disclosures to build trust and improve governance in public sector banks.

9) Measures needed to make it easier to start new business, register property, pay taxes, enforce contracts. Union Budget 2020-21 Predictions: From Income Tax Rates to Railways and Agriculture, Here's What FM Nirmala Sitharaman May Offer to Boost India's Plunging Economic Growth.

10) As easing crude prices lowers current account deficit, the government should focus on imports/exports contacts to build investors interest in Indian market.

Here's the PDF File of Economic Survey 2019:

Apart from all these factors, the EA 2019 mentioned about the growth in GST collection by 4.1 percent, declining inflation from 3.2 percent in April 2019 to 2.6 percent in December 2019 and 12.2% cumulative annual growth rate of new firms in the formal sector during 2014-18, compared to 3.8% during 2006-2014.

(The above story first appeared on LatestLY on Jan 31, 2020 07:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).