Moving to achieve 5 trillion dollar title, India projects 7% GDP growth on stable macroeconomic condition

New Delhi, July 4: Projecting the GDP growth at 7 per cent on stable macroeconomic condition for 2019-2020, Finance Minister Nirmala Sitharamn on Thursday tabled the annual report of the Indian economy for the year gone by, being 2018-19.

 

Amid the raising criticisms on India’s vision to turn to a 5 trillion dollar economy by 2024, the Economic Survey sees growth picking up on higher private investment and robust consumption.

 

 

This comes at the time when the nation at large is questioning over Modi government delivering a jobless growth in its first term, citing the need to re-invent to propel the economy and create jobs. This also comes weeks after Arvind Subramanian in a research paper claimed India was overestimating its economic growth rate by up to 2.5 percentage points.

The survey is imbued by the spirit blue sky thinking in thinking about the appropriate economic model for India. The theme this year is to enable Shifting Gears to accelerate and sustain a real GDP growth rate of 8% and thereby achieve the vision of 5 trillion dollar economy.

The Economic Survey is the annual report of India, serving 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. 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.