Economic Survey: States to gain from transfers recommended by 14th Finance Commission
The Economic Survey 2014-15, tabled in the Parliament on Friday, also said that the 14th Finance Commission will enhance fiscal federalism in the country.
ANI New Delhi Last Updated: February 27, 2015 | 14:05 IST
Finance Minister Arun Jaitley
Finance Minister Arun Jaitley on Friday tabled the Economic Survey for the 2014-2015 financial year, and stated that all states stood to gain in absolute terms, from the transfers recommended by the 14th Finance Commission.
The report also said that the 14th Finance Commission will enhance fiscal federalism in the country.
Among other key points, the report stressed on the need to improve productivity in the agricultural sector to ensure food security.
It also highlighted that greater public investment in Railways would boost competitiveness of domestic manufacturing substantially and public investment would be a key growth engine in the short run for Railways, but not a substitute for private investment.
On the international front, the survey said that services sector negotiations at the World Trade Organization (WTO) hold special significance for the country in removing many market access barriers.
The Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.