Economic Survey Highlights – Finance ministry’s chief economic adviser Arvind Subramanian has presented the Economic Survey forecast for 2015-16 which pegs the growth at 8%. India’s economic survey has forecast the growth at more than 8 per cent for the next fiscal. It is also said that Inflation has fallen 6% Point since 2013.
Economic Survey Report also state that Foodgrain production for year 2014-15 is estimated at 257.07 million tonnes compare to last years by 8.5 million tonnes.
* 2015/16 GDP growth seen at over 8% y/y
* Double digit economic growth trajectory
* Govt remains committed to fiscal consolidation
* Government will adhere to fiscal deficit target of 4.1% of GDP in 2014-15
* Inflation shows declining trend in 2014/15
* Estimates current account deficit (CAD) to fall to 1 pct of GDP
* Industrial growth picks up after decline in past years
* Average WPI inflation declines to 3.4% in 2014-15 (April-December) against 6% previous year
* Current account deficit to come down to 1 pc of GDP in 2015-16
* Fourteenth finance commission will enhance fiscal federalism in India
* Need to improve productivity in the agricultural sector to ensure food security
* Greater public investment in Railways will boost competitiveness of Indian manufacturing substantially
* Public investment to be a key growth engine in short run for Railways, but not a substitute for private investment
* Rural penetration of IT services to drive ‘Make in India’ mission
* Post Office can be linked with AADHAR based benefits transfer architecture to allow linkage to AADHAR accounts
* All states stand to gain, in absolute terms, from transfers recommended by 14th Finance Commission.