New Delhi, July 4: Ahead of the presentation of the Union Budget on Friday, Union Finance Minister Nirmala Sitharaman on Thursday tabled the Economic Survey 2019 in both the houses of the Parliament. The survey, which serves as the official report of the economy, has been prepared by  Chief Economic Adviser (CEA) Krishnamurthy Subramanian. The survey highlights policy initiatives of the government and a roadmap to further boost the economy. This is the first budget of the Narendra Modi government after assuming office for the second time.

The Economic Survey 2019 has pegged a GDP growth rate of 7% for FY20. The Chief Economic Adviser is expected to hold a press conference at around 1.15 pm to brief about the details of the survey.

Here are the Key Highlights of the Economic Survey 2019:

  1. Economic Survey 18-19 states that the general fiscal deficit is seen at 5.8% in FY19 against 6.4% in FY18.

  2. Economic Survey 18-19 has predicted 7% Gross Domestic Product (GDP) growth in FY20 on stable macro economic conditions.

  3. Oil prices expected to decline in 2019-20, the Economic Survey 18-19 predicted.

  4. The Economic Survey 18-19 highlighted that to become a $5 trillion economy by 2025, India need to sustain a GDP growth rate of 8%

  5. India needs to grow at 8 percent per annum to become a $5 trillion economy by FY25.

  6. Indian MSMEs need to be freed from shackles that convert them into dwarfs. MSMEs need to be seen as a source of innovation, growth and job creation, the survey stated.

  7. The survey added saying that the marginal cost of data is decreasing while marginal benefits of its usage is increasing.

  8. The Economic Survey 2019 puts forex reserves at 412.9 billion USD for the fiscal 2018-19

  9. The Government policy expected to further lift restrictions on FPI inflows: CNBC-TV18 has cited Economic Survey 2019

  10. Economic Survey 2019 has highlighted that the society's consumption of data is higher than ever.

  11. Imports slated to grow at 15.4% while exports projected to grow at 12.5% for the year 2018-19

  12. The Economic Survey 2019 says that political stability will help the economy growth to rebound. It also states that demographic trends suggest need to prepare for ageing of the population; this necessitates more healthcare investment, increasing retirement age in a phased manner

  13. The Economic Survey 2019 calls for redesigning a Minimum Wage System in India for inclusive growth.

  14. The Economic Survey 2019 suggests Policy recommendations for an effective design of Minimum Wage system.

  15. The Economic Survey 2019 highlights the immense potential of data of societal interest, says data should be "of the people, by the people, for the people”

While speaking on the Economic Survey, Subramanian had 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 survey highlighted that investment, especially private investment, is the 'key driver' that increases labour productivity, introduces new technology, allows creative destruction, and generates jobs.

(The above story first appeared on LatestLY on Jul 04, 2019 12:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).