Economic Survey 2019 projects 7% GDP growth, decline in oil priceshttps://indianexpress.com/article/business/budget/economic-survey-2019-gdp-growth-oil-price-fiscal-deficit-nirmala-sitharaman-5814046/

Economic Survey 2019 projects 7% GDP growth, decline in oil prices

Economic Survey 2019-20 India: The survey has predicted a fiscal deficit at 5.8 per cent, as against the 6.4 per cent in the last financial calender.

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Economic Survey 2019: Union Finance Minister Nirmala Sitharaman outside Parliament on Thursday. (Express photo/Renuka Puri)

Economic Survey 2019: The Economic Survey 2019 has predicted a seven per cent GDP growth for the financial year 2019-2020. The survey was presented on Thursday, a day ahead of the Budget, by Union Finance Minister Nirmala Sitharaman in both houses of Parliament.

“Real GDP growth for the year 2019-20 is projected at 7 per cent reflecting a recovery in the economy after a deceleration in the growth momentum throughout 2018-19,” the survey read.

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The fiscal rate has been retained at 3.4 per cent and as against the 6.4 per cent in the last financial calendar. Prices of oil, on the other hand, are expected to decline this year.

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Meanwhile, data “of the people, by the people, for the people” must become the mantra for the government, which needs to view data as a “public good” and make necessary investments, the survey said. It asserted that the benefits of creating data as a public good can be generated within the legal framework of data privacy.

The survey also emphasised that the data and information highway must be viewed as equally important infrastructure as the physical highways.

“Such a stance can help India leapfrog to utilise the benefits of technological advances for the welfare of its people. In the spirit of the Constitution of India, data ‘of the people, by the people, for the people’ must therefore become the mantra for the government,” it said.

India, through unique identification programme Aadhaar, has been at the forefront of data and technology revolution which is unfolding, the survey said.

It added that since data for social welfare may not be generated by the private sector in optimal quantity, the government needs to view data as a public good and make the necessary investments.

The survey has been prepared by the new Chief Economic Advisor Krishnamurthy Subramanian and is considered as the flagship annual document of the Ministry of Finance and the government.

The Economic Survey is an important document which provides an authoritative, detailed and official annual summary of the current state of play in the Indian economy. It will highlight the likely challenges and provide possible solutions.

The Economic Survey can be downloaded in the PDF format through this link: http://mofapp.nic.in:8080/economicsurvey/. Economy Survey is uploaded once it is presented.

If you want to go through Economic Survey Books, you need to go to https://www.indiabudget.gov.in/economicsurvey/ . You will also get the previous years’ economic survey books.