BUDGET 2019 | Economic Survey tabled in Parliament: 7% GDP predicted in FY2019-20, Key macro takeaways from CEA Krishnamurthy Subramanian here

ecomic survey projecting state of health of country's ecomy and outlining challenges has been tabled in Parliament, a day ahe of Modi government 2.0's first Budget. survey that has been prepared by new Chief Ecomic viser, Krishnamurthy Subramanian, in its heline projection, has pegged India's GDP growth for ongoing 2019-20 fiscal at 7.0%, alongside a number of or key macro statistics and forecasts.

As mentioned above, Ecomic survey was tabled, first in Rajya Sabha, and projects that GDP growth for ongoing fiscal will rise to 7.0% versus 6.8% in fiscal that just ended, meaning that India would remain fastest-growing major ecomy in world. It also termed  macroecomic condition as 'stable' for same period, holding that structural reforms of last few years are continuing to enable growth.

Ecomic Survey also outlined that investment rate - likely to be key to what emerges from Budget on Friday, seems to have bottomed out, with details likely to come to fore in due course.

Key highlights of Ecomic Survey tabled by Finance Minister Nirmala Sitharaman:

• 7% GDP growth predicted in FY20 on stable macroecomic conditions (vs 6.8% in fiscal that has just ended)
   
• January-March slowdown partly because of election-related uncertainty
   
• Farmers may have produced less in FY19 on food price fall
   
• NBFC stress reason for FY19 slowdown
   
• India needs to grow at 8% to become a $5 trillion ecomy by 2025
   
• Investment rate seems to have bottomed out, seen higher in FY20 on higher credit growth
   
• Decline in n-performing assets (NPAs) should help push capital expenditure cycle
   
• Accommodative monetary policy to help cut real lending rates - credit for RBI
   
• Government stood by fiscal consolidation path
   
• Greenshoots in investment seems to be taking hold
   
• General fiscal deficit seen at 5.8 percent in FY19 against 6.4 percent in FY18
   
• Oil prices seen declining

What is in Ecomic Survey?

Ecomic Survey is a survey that outlines challenges and gives a report of ecomic performance. survey document has two parts. One part consists of commentary on state of ecomy, which is released before Union Budget. or part carries key ecomic statistics and data, which is tabled in July or August. This split in presentation took effect after Union Budget was moved from last working day of February to first day of month in 2017. Ecomic Survey serves as a useful policy document since it also contains policy ideas, key statistics on ecomic parameters and in-depth research on macro and sectoral trends. Often, survey serves as a policy guideline for Union Budget. However, its recommendations are t binding on government.

Before tabling ecomic survey, Chief Ecomic viser Krishnamurthy Subramanian said that he is hopeful and his team has worked with utmost dedication:

"Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to ideas for ecomy. I hope almighty blesses us," he said. 

BUDGET 2019: CEA Krishnamurthy Subramanian's Ecomic Survey To Be Tabled In Parliament A Day Ahe Of Modi 2.0's First Union Budget

Visuals of Ecomic survey being carried to Parliament were also seen. This will be first Budget that will be tabled by newly appointed Finance Minister Nirmala Sitharaman and comes months after interim budget presented by Piyush Goyal:

RE: 'Ecomic Policy: Ro Ahe': PM Modi Meets Ecomists And Experts, Carries Out Constructive Discussions Ahe Of Union Budget