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Economic Survey 2018-19

Overview of Economic Survey



On 4th July 2019 Smt. Nirmala Sitaraman Union miniter for finance tabled the Economic Survey 2018-19 in the parliament.

Shifting gears: Private investment at the center of Growth, Jobs, Export & Demand.

  • Target to sustain 8% GDP growth rate to achieved a $5 trillion economy(current is $2.71 Trillion) by 2024-25.
  • Presenting data as public good.
  • Focusing on legal reforms
  • To sustain consistency in policies.
  • Nourishing MSME to producing more jobs and increasing productivity.
  • Taking seriously to minimizing cost of capital. 

Nourishing MSME's to becomes Giants

  • Reorienting policies for MSME growth.
  • Achieving greater profits, job creation and increasing overall productivity
  • Deregulating labor laws restrictions.
  • Re-calibrating Priority Sector Lending (PSL) guidelines for direct credit flow.
Reforms in judiciary
  • Delays in contract enforcement and disposal resolution are arguably now the single biggest hurdle to the ease of doing business and higher GDP growth in India.
Policy Uncertainty affect Investment

  • Significant reduction in Economic Policy Uncertainty in India over the last one decade
  • Uncertainty dampens investment growth in India for about five quarters

Enabling  Inclusive Growth through Affordable, Reliable and Sustainable Energy

  • India now stands at 4th in wind power, 5th in solar power and 5th in renewable power installed capacity.
  • Thermal power still plays a dominant role at 60% share.
  • Market share of electric cars only 0.06% in India while it is 2% in China and 39% in Norway.
  • Access to fast battery charging facilities needed to increase the market share of electric vehicles.

Money Management and Financial Inter-mediation


  • Banking system improved as NPA ratios declined and credit growth accelerated.
  • Insolvency and Bankruptcy Code led to recovery and resolution of significant amount of distressed assets and improved business culture.
  • Financial flows remained constrained because of decline in the equity finance raised from capital markets and stress in the NBFC sector.
  • Credit growth rate y-o-y of the NBFCs declined from 30 per cent in March 2018 to 9 per cent in March 2019
Agriculture and Food Management

  • 89% of groundwater extracted is used for irrigation.
  • Focus should shift from land productivity to ‘irrigation water productivity’.
  • Thrust should be on micro-irrigation to improve water use efficiency.
  • Fertilizer response ratio has been declining over time.
  • Dairying as India is the largest producer of milk.
  • Fisheries sector, as India is the second largest producer.

Mayur Vasant Jagtap

(Image source- PIB India)

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