Economic Survey 2020 Highlights: Survey sees pick up in growth but calls for expansionary policy

The Economic Survey 2019-20 was tabled in Parliament after the address of the President inaugurating the budget session. The survey acknowledged that the economic slowdown is particularly acute in industries. In the first half of the current year, Index of Industrial Production (IIP) barely grew at 0.6%. The growth in eight core industries, which accounts for around 40% weight in IIP, was nearly flat in the period between April and November 2019.
  • 21:27

    Hello readers, thank you for following Deccan Herald's live updates on the Economic Survey 2020. 

  • 21:25

    Economic Survey 2020: India ranks third in entrepreneurship

    India is ranked third in entrepreneurship as the new firm creation has gone up dramatically in India since 2014, said the Economic Survey 2019-20 on Friday.

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  • 21:25

    Rural students spend more on books than their counterparts in urban areas: Economic Survey

    Contrary to common perception, average students in the rural areas are spending more on books as compared to their counterparts in urban areas.

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  • 21:24

    Rupee jumps 26 paise against dollar on GDP growth revival forecast

    The Indian rupee on Friday surged by 26 paise to end at 71.32 against the US dollar, buoyed by the Economic Survey projecting a revival in economic growth next fiscal.

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  • 21:23

    Economic Survey paints clear picture of slowdown

    Economic Survey 2019-20 was tabled in Parliament after the address of the President inaugurating the budget session. Substantively written by the Chief Economic Advisor — a relatively autonomous post within the government — the Economic Survey is supposed to provide a frank and technocratic assessment of the economy and the ideal policy response to the economic problems confronting the country.

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  • 21:23

    Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey

    The steep cut in corporate tax rate will benefit large companies the most as smaller ones were already paying lower rates, the Economic Survey 2019-20 said on Friday.

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  • 21:21

    Economic Survey indicates positive outlook for steel, oil and gas sectors: Dharmendra Pradhan

    The Economic Survey 2019-20 points to increasing steel production and consumption and easing of crude prices, indicating positive outlook for steel and oil and gas sectors, Union minister Dharmendra Pradhan said on Friday.

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  • 16:31
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  • 15:29

    1g salt and 0.2g turmeric: Thalinomics for adult male indulged in heavy work

    The Thalinomics is a novel addition to the Economic Survey 2020, which hascalculated the affordability of a one-plate meal in relation to"an adult male engaged in heavy work".

    "We have taken the requirements for an adult male engaged in heavy work. Therefore, the estimated prices are likely to overestimate the cost of a meal to the average household than underestimate it," the survey mentions.

    Read the full report here.

  • 15:08

    Wilful defaulters owe Rs 1.4 trillion to lenders

    The Economic Survey, tabled in the parliament on Friday, has revealed that the wilful defaulters owe a whopping sum Rs 1.4 lakh crore.

    As of 2018, wilful defaulters owed their respective lenders nearly Rs 1.4 lakh crore. The number has been steadily rising since the early part of the current decade, the survey has revealed.

    Read the full report here.

  • 14:56

    Public sector firms record Rs 1.75 lakh crore profit in FY19

    As per the Department of Public Enterprises, there are 348 CPSEs as on March 31, 2019. Of this, 249 are in operation, 86 CPSEs are yet to start commercial operations and 13 CPSEs are under closure/liquidation. Out of 249 operating CPSEs, as many as 178 CPSEs showed profit during 2018-19, 70 CPSEs incurred losses during the year and 1 CPSE has shown neither profit nor loss.

    The total profit of profit-making CPSEs (178) was Rs 1.75 lakh crore in 2018-19. The total loss of loss-making enterprises (70) stood at Rs 31,635 crore during the year. The overall net profit of the 249 operating CPSEs went up by 15.52% to Rs 1.43 lakh crore in 2018-19 from Rs 1.24 lakh crore in 2017-18. The contribution of CPSEs to the Central Exchequer increased by 4.67% to Rs 3.69 lakh crore in 2018-19 as against previous year of Rs 3.52 lakh crore.

  • 14:45

    One nation, one ration card

    The Department of Food & Public Distribution in collaboration with all States/UTs is implementing a Scheme namely “Integrated Management of Public Distribution System (IM-PDS)” during 2018-19 and 2019-20. The main objective of the scheme is to introduce nation-wide portability of ration card holders under NFSA through ‘One Nation One Ration Card’ System, to lift their entitled foodgrains from any Fair Price Shop (FPS) in the country without the need to obtain a new ration card.

    This system would largely benefit numerous migratory beneficiaries who frequently change their place of dwelling in search of work/employment or for other reasons across the country and eventually get deprived of their quota of subsidised foodgrains under NFSA due to migration from their native place. Through this system beneficiaries shall be able to access their food security entitlements from any FPS of their choice/convenience by using their same/existing ration cards after biometric/ Aadhaar authentication on electronic Point of Sale (ePoS) devices at the FPS in another State/UT.

    At present, the facility of inter-State portability is enabled in 8 States i.e. in four clusters of 2-adjoining States of Andhra Pradesh & Telangana, Gujarat & Maharashtra, Haryana & Rajasthan, and Karnataka & Kerala. It is further envisaged that all four clusters, as above, and a few other States have already implemented intra-State portability shall be integrated together into a single national platform. Thereafter, the rollout of National Portability in other States/UTs shall be done as and when the national de-duplication of all ration cards, beneficiaries under NFSA is completed and biometric/Aadhaar authentication based distribution is enabled in the State/UT.

  • 14:33

    Thalis more affordable for common person now, says Economic Survey 2020

    Affordability of thalis (one plate meal)vis-à-visa day’s pay of a worker has improved over time, indicating improved welfare of the common person.

    According to the Economic Survey 2019-20 presented in Parliament on Friday by the Union Minister for Finance and Corporate Affairs Nirmala Sitharaman states that affordability of vegetarian thalis improved 29 per centfrom 2006-07 to 2019-20 while that for non-vegetarian thalis by 18 per cent.

    Read the full report here.

  • 14:31

    Debt waivers disrupt the credit culture and end up reducing the formal credit flow to the very same farmers, thereby defeating the very purpose of the debt waiver provided to farmers. According to the Economic Survey 2019-20 tabled in the Parliament on Friday, full waiver beneficiaries consume less, save less, invest less and are less productive after the waiver when compared to the partial beneficiaries.

  • 14:18

       India needs to spend $1.4 trillion on infrastructure during FY 2020-2025: Survey N

    To spur economic growth and achieve USD 5 trillion economy, India needs to spend about USD 1.4 trillion on the infrastructure sector during FY2020-2025, the Economic Survey tabled in Parliament said on Friday.

    Investment in infrastructure is necessary for the economy, as power shortages, inadequate transport and poor connectivity affect overall growth performance, as per the Economic Survey 2019-20, tabled in Parliament by Union Finance and Corporate Affairs Minister Nirmala Sitharaman. (PTI)

  • 14:17

    Survey states how Ease of Doing Business can be enhanced to being India in the under-50 rankings, says CEA.

  • 14:16

  • 14:15

    The cover of the survey captures the Rs 100 new note and combines the old with the new, says CEA.

  • 14:13

    As of 2018, wilful defaulters owed their respective lendersnearly Rs 1.4 lakh crore. The number hasbeen steadily rising since the early part of
    the current decade. The defaulters are spreadacross several sectors, with manufacturingfirms constituting the largest share.

  • 14:12

    India jumps 79 positions to 63 in 2019 from 142 in 2014 in World Bank’s Doing Business rankings. India still trails in parameters such as Ease of Starting Business, Registering Property, Paying Taxes and Enforcing Contracts.

  • 14:10

    We have a slowdown in the Indian economy, part of it is because of the global economy slowing down in 2019, says CEA Krishnamurthy Subramanian.

  • 13:53

    Pro-business policy critical to achieve $5 trillion economy, says Economic Survey

    The Economic Survey 2019-20 says India’s aspiration to become a $5 trillion economy depends critically on promoting “pro-business” policy that unleashes the power of competitive markets to generate wealth, on one hand, and weaning away from “pro-crony” policy that may favour specific private interests, especially powerful incumbents, on the other hand.

    Read the full report here.

  • 13:45

    Full text of the Economic Survey 2020:

  • 13:44

    Economic Survey 2020: Govt initiates key reforms for MSME sector

    The Economic Survey, which was tabled by the Finance Minister Nirmala Sitharaman in the Parliament on Friday, has listed a detailed analysis of the measures undertaken to support the MSME sector. The Survey said that the government has taken measures to ensure better credit flow, technology up-gradation, ease of doing business and market access to the sector.

    Read the full report here.

  • 13:29

    To further make it easier to do business, theSurveycalled for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

  • 13:27

    The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions. For boosting growth, it called for new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.

  • 13:22

    Inflation declines sharply from 3.2% in April 2019 to 2.6% in December 2019, reflecting the weakening of demand pressure in the economy.

  • 13:21

  • 13:19

    The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect.

  • 13:17

    The Survey this year has been printed in lavender colour - the same as the colour of the new 100 rupee currency note, the oldest currency note in circulation in the country.

  • 13:17

    Economic Survey calls for more reforms for making it easier to do business in country.

  • 13:16

    Growth slipped to 4.5 per cent in the July-September quarter.

  • 13:15

    Weak global growth impacting India as well as investment slowdown due to financial sector issues had led to growth dropping to a decade low in current fiscal, it said, adding 5 per cent growth projected for 2019-20 is the lowest it could fall for now, says survey.

  • 13:14

    Economic growth to rebound to 6 to 6.5% in next fiscal

    TheEconomicSurveyon Friday projected India'seconomicgrowth at 6 per cent to 6.5 per cent in the next financial year starting April 1, saying growth has bottomed out. The growth in 2020-21 compares to a projected 5 per cent expansion in 2019-20. (PTI)

  • 13:11

    GDP growth is projected at 6-6.5% for fiscal year 2020-21.

  • 13:06

    Economic Survey puts current fiscal growth at 5%. It says fiscal deficit target for current fiscal may need to be relaxed to revive growth, reports PTI.

  • 12:55

  • 12:52

    Finance Minister Nirmala Sitharaman tables the Economic Survey in the Parliament.

  • 12:43

    Budget FAQs: What is Economic Survey?

    While all eyes will be on Budget 2020, it is imperative for people to know the key terms associated with the annual exercise.
    Here’s a lowdown on some of the important terms to help understand the Budget.

    What is Economic Survey?

    The Economic Survey of India is the flagship document prepared by the advisors to the finance minister which comprises of the current trend in the country's economy and a comprehensive report card of economy in that fiscal year.

    Read the full report here.

  • 12:37

    Economic Survey 2020 to give roadmap for $5 tn economy

    Coming at a time when India's nominal economic growth, not adjusted for inflation, has been the worst in 42 years, the Economic Survey, to be presented in parliament by around 12.30 pm, is hugely expected to cut the GDP projection by half a percentage point to 6.5% this year.

    Read the full report here.

  • 12:14

    President Ram Nath Kovind has finished his address in Parliament. The Economic Survey will be tabled in both houses soon.

  • 11:22

    My government is clearly of the view that mutual discussions and debates further strengthen democracy. At the same time, any kind of violence in the name of protest weakens the society and the country, says PresidentRam Nath Kovind.

  • 11:10

  • 11:04

    Watch Prez Ram Nath Kovind's address in Parliament:

  • 10:56

    President Ram Nath Kovind is going to address the Parliamentarians. Follow live updates here.

  • 10:29

  • 10:28

    The Economic Survey 2020 will be prepared by the Chief Economic Advisor Krishnamurthy Subramanian, an alumnus of IIT Kanpur and IIM Calcutta, and a PhD holder in financial economics from Chicago Booth School of Economics. He will roll out the survey on January 31.

  • 10:27

    What is Economic Survey?

    The Economic Survey of India is the flagship document prepared by the advisors to the finance minister which comprises of the current trend in the country's economy and a comprehensive report card of economy in that fiscal year. The Survey is tabled in the parliament a day before the Union Budget of the year is presented.

    The document was first presented in the year 1950-51 and was submitted in the Lok Sabha along with the Union Budget until 1964. In the year 1964, the survey began to be released a day before the Budget.

    The survey no only gives a report of the current economic situation, it also makes a statement on issues like global warming, gender equality. For example, the Economic Survey 2018-19 was covered in a pink cloth by then Chief Economic Advisor Arvind Subramanian to showcase gender equality.

  • 10:26

    The government on January 31 will release the Economic Survey for 2019-2020 today, just a day before Finance Minister Nirmala Sitharaman presents Union Budget 2020-21 on February 1.

  • 10:05

    President Kovind will deliver a speech in the Central Hall of Parliament at 11 am. Vice President Venkaiah Naidu will also chair a meeting of floor leaders of Rajya Sabha at his residence today.

  • 10:04

    As the Budget Session of Parliament will commence on Friday, as per tradition, President Ram Nath Kovind will address the joint sitting of two Houses of Parliament.

  • 10:04

  • 10:03

    Hello readers and welcome to our live coverage of the Economic Survey 2020 release. Stay tuned for live updates.