Economic Survey 2014-15 tabled in Parliament: Key Highlights

The government has tabled Economic Survey 2014-15 in the Lok Sabha. The survey says the economy is overcoming inflation, high deficit.

BT Online Bureau   New Delhi     Last Updated: February 25, 2016  | 19:24 IST
FM Arun Jaitley
FM Arun Jaitley

The government has tabled Economic Survey 2014-15 in Lok Sabha. Here are the key points: 

  • Fiscal deficit target of 4.1 per cent achievable
  • Sees GDP growth of 8 per cent next year
  • Avg WPI inflation falls to 3.4 per cent in 2014-15
  • Sees CAD falling to 1 per cent next year
  • Sees FY16 CPI in 5-5.5 per cent range
  • Public investment in Railways to revive GDP growth
  • Economy overcoming inflation, high deficit 
  • Public investment in an efficient rail network can have positive effect on both manufacturing and aggregate output and the effects are permanent
  • Upside risk to inflation from monsoon, crude oil prices 
  • Sees some stress on asset quality of banks 
  • Foreign portfolio flows have stabilised the rupee 
  • FY 15 GDP growth estimated at 7.4 per cent  
  • Govt sees scope for big-bang reforms
  • Subdued global demand remains a threat
  • Muted export growth is a concern 
  • Steps taken by RBI played key role in liquidity management 
  • Govt hints at scrapping gold import curbs 
  • Seeks further reforms in fuel pricing policy
  • PPP model should be revitalised
  • Growth to gather pace in FY 17 
  • GST, direct benefit transfer to be gamechangers 
  • FY15 growth driven by domestic demand 
  • India must aim for fiscal deficit target of 3 per cent in the medium term
  • Double-digit economic growth a possibility 
  • Rising non-gold imports a concern 
  • Change APMC for private agriculture market
  • Medium term fiscal gap target of 3 per cent
  • Manufacturing and services equally important for growth
  • Need balance between 'Make in India' and 'Skilling India'
  • Committed to fiscal consolidation; to enhance revenue generation
  • External Sector returning to strength, resilience
  • More reforms on anvil; GST, expanding direct benefit transfers to be game-changers
  • Gold imports averaged $1.6 bn in January
  • Fiscal consolidation quality is the key 
  • Expect  revenue from spectrum, coal block sale 
  • Stalling of projects seem to have plateaued 
  • Need focus on education, skill development 
  • Must direct gains from subsidy cut to public investment
  • April-January imports rise 2.2 per cent 
  • Food subsidy bill at Rs.1,07,823.75 crore during 2014-15 (upto January), an increase of 20 percent over previous year
  • Rationalisation of subsidies and better targeting of beneficiaries will release resources for public investment in agriculture
  • Create National Common Market for agricultural commodities
  • Inflation showed declining trend during April-December 2014-15, average WPI inflation declined to 3.4 percent against average of six percent during the previous year
  • Government measures to control food inflation and persistent decline in crude prices resulted in declining trend in inflation
  • Foodgrain production in 2014-15 estimated at 257.07 million tonnes
  • Agriculture and allied sectors contributed 18 percent to GDP
  • Fourteenth Finance Commission will enhance fiscal federalism
  • Hyper-growth in tech startups
  • Rural penetration of IT services to drive Make in India mission
  • Electronic visa gives fillip to tourism sector
  • Growth rate of over eight percent expected in 2015-16
  • Political mandate for reform and benign external environment
  • India needs to create additional fiscal space
  • Male literacy at 80.9 percent, female literacy at 64.6 percent
  • Need for balance between Make in India and Skilling India; skill development and employment are major challenges
  • Overall environment positive in the economy
  • Reforms recommended of Indian Railways' structure, commercial practices, technology

 

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