ECONOMIC SURVEY 2015 HIGHLIGHTS

The Economic Survey 2014-15 was presented by the Finance Minister Shri Arun Jaitley to the Parliament .It states that Indian economy appears to have now gone past the economic slowdown, persistent inflation, elevated fiscal deficit, slackening domestic demand, external account imbalances and oscillating value of the rupee.

As the new Government is to present its first full year budget, the Economic Survey states that  it appears that India has reached a sweet spot and that there is a scope for Big Bang reforms now.

Major Keys In the Action:

• A Growth Rate of over 8 Per Cent Expected for the Coming Year
• Economic Survey highlights the need for balance between ‘Make in India’ and ‘Skilling India’
• Major Reform Initiatives Undertaken by Government inBanking,Insurance and Financial Sector
• Wiping Every Tear from Every Eye: The Jan Dhan Yojana, Aadhaar and Mobile Numbers Provide the Solution
• Improvement in Female Literacy and Educational Challenges
• Skill Development and Employment are major Challenges
• Economic Survey Recommends Reform of Railway’s Structure, Commercial Practices, Overhaul of Technology
• India needs to create additional Fiscal Space
• India’s National Solar Mission Being Scaled up Five-Fold to 100,000 Megawatts
• Infrastructure Growth in terms of Eight Core Industries Higher than Industrial Growth since 2011-12
• Government Remains Committed to Fiscal Consolidation; Economic Survey says Enhanced Revenue Generation is a Priority
• External Sector is returning to the path of strength and resilience: Economic Survey
• Services Sector Clocks Double Digit Growth
• Hyper-Growth in Tech start ups in India, says Economic Survey on Services Sector
• The Fourteenth Finance Commission (FFC) will enhance Fiscal Federalism in India
• Government approves a Rs. 200 crore Central Sector Scheme for implementing e-platform for agri-marketing
• Revive public investment to improve investment climate
• Create National Common Market in Agricultural Commodities
• From Carbon Subsidy to CarbonTax: India’s Green Actions
• Food Subsidy Bill stands at Rs. 107823.75 crore during 2014-15 (upto January, 2015), shows an increase of 20% over previous year
• Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed average food grain production of last five years by 8.5 million tones
• Inflation shows a declining trend during the year 2014-15 (April-December)