Following are the highlights of Economic Survey 2014-15 presented by Finance Minister Arun Jaitley in Parliament on 27-02-2015.
GDP growth seen at 8.1–8.5 per cent in 2015-16
Double digit growth trajectory; 8–10 per cent GDP in coming years
Inflation shows declining trend during April-December
Current Account Deficit (CAD) to decline to about 1 per cent in 2015-16
To adhere to fiscal deficit target of 4.1 per cent of GDP; to aim for 3 per cent
Committed to fiscal consolidation; to enhance revenue generation
More reforms on anvil; Goods and Services Tax, expanding direct benefit transfers to be game-changers
Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed last 5-year average by 8.5 million tonnes
NITI Aayog, 14th Finance Commission to enhance fiscal federalism
External Sector returning to strength, resilience
Need balance between ‘Make in India’ and ‘Skilling India’
Services sector negotiations at WTO crucial for India in removing many market access barriers
Revitalise PPP model to revive investment
Manufacturing and services equally important for growth
Consumer inflation in 2015-16 to be between 5-5.5%
Lower inflation opens up space for more monetary easing
There is scope for big bang reforms
Labour, capital, land, market reform and skills to be engines of growth
JAM Trinity — Jan Dhan Yojana, Aadhaar, Mobile — to help transfer of funds to poor without leakage
Shield domestic industry to promote ‘Make In India’
Borrowings to fund investment, not for meeting expenses
Food subsidy bill in April-Jan up 20% to Rs. 1.08 lakh cr
Reform Railway’s structure, commercial practices, overhaul of technology
Public investment key growth engine in short-run for Railways, but not a substitute for private investment
More disinvestments on the anvil in current fiscal
Under-recoveries on petroleum products to come down to Rs. 74,664 crore in 2014-15, from Rs. 1.39 lakh crore in FY14
4Ds — Deregulation, Differentiation, Diversification, Disinter (better bankruptcy laws) — to push financial sector growth
Implementation of GST to boost GDP, exports
Suggests medium to long term fiscal policy to target deficit, expenditure
Global commodity prices to remain weak in 2015
E Commerce sector to witness 50% growth in 5 years.
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