Hours after Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2019 in Parliament, Prime Minister Narendra Modi took to twitter and lauded it as vision document. "The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy. It also depicts the gains from advancement in the social sector, adoption of technology and energy security. Do read!" PM Modi tweeted. His tweet also has a link to the document available at the Finance Ministry's website.
The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy.— Narendra Modi (@narendramodi) July 4, 2019
It also depicts the gains from advancement in the social sector, adoption of technology and energy security.
The Economic Survey 2018-19, tabled in Parliament, is the first for the new government, which came to power with an overwhelming mandate. "With the aspirations that have been kindled among our predominantly young population, India stands at a historic moment when sustained high economic growth has become a national imperative," Chief Economic Adviser Krishnamurthy V Subramanian said in his preface to the Survey. Imbued by the power of the opportunity that beckons, he said the team for Economic Survey 2018-19 has been guided by "blue sky thinking." 'Blue sky thinking' refers to uninhibited approach to achieve goals. "The Survey adopts an unfettered approach in thinking about the appropriate economic model for India. This endeavour is reflected in the sky blue cover of the Survey," the CEA said.
The document also compares the situation on several social and industry sectors before the Modi government launched programmes for those areas - such as from basic initiatives like sanitation and cooking gas to more complex sectors like manufacturing.
One of the key takeaways of the Economic Survey was that investment rate is expected to pick up further in the year 2019-20 on the back of higher credit growth, said the Economic Survey. The investment rate was declining from 2011-12. The survey makes the case for investment as a key driver and focus on SMEs will be the key.