Economic Survey 2018-19 projects GDP to grow at 7 per cent in 2019-20.

Indian economy is expected to grow at 6.8 per in 2018-19 while maintaining macro-economic stability. Finance and Corporate Affairs Minister Nirmala Sitharaman tabled the Economic Survey in Parliament today.

The Economic Survey lays down the strategic blueprint for fructifying Prime Minister Narendra Modi’s vision of India becoming a 5 trillion dollar economy by 2025.

To achieve the vision, India needs to shift its gears to accelerate and sustain a real GDP growth rate of 8 per cent. The theme of the Survey is about enabling shifting of gears to sustained economic growth to achieve a 5 trillion dollar economy by 2025.

Survey has recommended creating a virtuous cycle encompassing private investment, jobs, export and demand. It states that the Indian economy has performed well in the last five years.

The fiscal deficit has been pegged at 3.4 per cent of GDP for 2018-19. The survey has provisionally estimated 2.9 per cent growth rate for the agriculture, forestry and fishing sector.

283.4 million tonne foodgrain production has been projected. Imports are slated to grow at 15.4 per cent while exports are projected to grow at 12.5 per cent for the year 2018-19. It has put forex reserves at 412.9 billion dollars for fiscal 2018-19.

The Economic Survey highlights the immense potential of data of societal interest and says data should be of the people, by the people and for the people.

Demographic trends suggest the need to prepare for the ageing population, which necessitates more healthcare investment and increasing retirement age in a phased manner.