Economic Survey 2020 predicts growth at 6-6.5%
The Government of India tabled the Economic Survey 2020 in the Parliament today, which projected that GDP growth will rebound to 6-6.5% in 2020-21. In order to tackle financial fragility, a new health index has been proposed for the NBFC sector. The survey stressed on capturing value and employment through exports by supplying products that are manufactured across global value chains. Moreover, India needs to take a cue from China and specialise in labour intensive sectors. The survey projected that India can create 40 million jobs by 2025 and 80 million jobs by 2030 by just focussing on exports. Ten new ideas introduced by the Economic Survey: Wealth creation benefits all, markets enable wealth creation, trust is a public good that increases with use, grassroot entrepreneuers create wealth in their districts, pro-business policies give equal opportunity, remove anachronistic government interventions, job creation by “Assemble in India for the world”, changes in EODB for India to rank in top 50, banking sector sub-scale compared to economy, Thalinomics.