Highlights of Economic Survey 2020, Economic Survey in PDF

Highlights of Economic Survey & Budget 2020, Economic Survey in pdf. Union Budget is the most comprehensive report of the Government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next fiscal year called Budgeted Estimates.

On 31 January 2020, the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the ‘Economic Survey 2019-20’ in the Parliament. Theme of the Economic Survey 2019-20: “Enable Markets, Promote ‘Pro-Business’ Policies and Strengthen ‘Trust’ in the Economy”

The constitution denes “Goods and Services Tax” means any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption.

“Goods” means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply

“Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged

Highlights of Economic Survey

  • 1. India’s goal about economy by 2025 – $5 trillion.
  • 2. In 2020-21, GDP expected to grow in the range of – 6.0% to 6.5%.
  • 3. India’s only bank in the global top 100 – State Bank of India (SBI).

INDIA’S ECONOMIC PERFORMANCE

  • India’s GDP growth in H1 of 2019-20 – 4.8%.
  • Proportion of GDP in H1 of 2019-20 for Current Account Deficit (CAD) – 1.5%.
  • Headline inflation in December 2019-20 – 7.35% (increased).
  • Expected GDP growth for 2019-20 based on CSO’s first Advance Estimates – 5%.
  • In end September 2019, India’s Balance of Payments (BoP) position improved to – US$ 433.7 bn of forex reserves.
  • Foreign reserves, as on 10th January 2020 – US$ 461.2 bn.

AGRICULTURE AND FOOD MANAGEMENT

  • 1. The total Gross Value Added (GVA) GVA at Basic Prices for 2019-20 from ‘Agriculture, Forestry and Fishing’ sector is estimated to grow by – 2.8%.
  • 2. Agricultural productivity is also constrained by lower level of mechanization in agriculture which is about – 40%.
  • 3. During last five years, Livestock sector has been growing at a CAGR of – 7.9%.
  • 4. During the last 6 years ending 2017-18, Food Processing Industries sector has been growing Average Annual Growth Rate (AAGR) of around – 5.06%.

PLATE OF FOOD IN INDIA

  • 1. Absolute prices of a vegetarian Thali have decreased significantly since 2015-16 across India and – four regions

FOREST AND TREE COVER

  • 1. Forest and tree cover increasing to – 80.73 million hectare.
  • 2. Forest and tree cover of the geographical area of the country – 24.56%

NEW FIRMS CREATION

  • 1. India’s rank in terms of number of new firms created, as per the World Bank – Third.
  • 2. New firms created in 2018 – About 1.24 lakh (an increase of about 80% in 2014).
  • 3. New firm formation is the lowest in – eastern India.

TRADE

  • 1. Exports for manufactured products increased by – 13.4%.
  • 2. Exports for total merchandise increased by – 10.9%.
  • 3. Imports for manufactured products increased by – 12.7%
  • 4. Imports for total merchandise increased by – 8.6%.
  • 5. In trade surplus per year for manufactured products, India gained – 0.7% increase.
  • 6. In trade surplus per year for total merchandise, India gained – 2.3% increase.

EASE OF DOING BUSINESS IN INDIA

  • 1. India’s rank in World Bank’s Doing Business rankings in 2019 – 63 (jump of 79 positions from 142 in 2014).
  • 2. In 2018-19, the turnaround time of ships in India has almost halved to – 2.48 days.

GLOBAL TRADE

  • 1. In 2019, global trade is estimated to grow at – 1.0%.
  • 2. In 2020, global trade is projected to grow at – 2.9%.
  • 3. India’s top five trading partners – USA, China, UAE, Saudi Arabia and Hong Kong.
  • 4. Top export items – Petroleum products, precious stones, drug formulations & biologicals, gold and other precious metals.
  • 5. Largest export destinations in 2019-20 (April-November) – United States of America (Topped), United Arab Emirates (UAE), China and Hong Kong.
  • 6. Top import items – Crude petroleum, gold, petroleum products, coal, coke & briquittes.
  • 7. India’s imports continue to be largest from – China (Topped), USA, UAE and Saudi Arabia.
  • 8. In 2019, India’s rank under the indicator, “Trading across Borders”, monitored by World Bank in its Ease of Doing Business Report – 68.

LOGISTICS INDUSTRY

  • 1. Current Logistics economy estimated to be around – US$ 160 billion.
  • 2. Expected Logistics economy by 2020 – US$ 215 billion.
  • 3. According to World Bank’s Logistics Performance Index, India’s rank in the year of 2018 – 44th

EXTERNAL DEBT

  • 1. Proportion of GDP for External debt as at ends September 2019 – 20.1%.
  • 2. In FY 2019-20, Repo rate was cut by – 110 basis points (in four consecutive MPC meetings).

GROSS NON PERFORMING ADVANCES RATIO

  • 1. Between March and September 2019, the Gross NPA ratio remained unchanged for Scheduled Commercial banks at – 9.3%.
  • 2. In September 2019, the Gross NPA ratio increased slightly for the Non-Banking Financial Corporations (NBFCs) to – 6.3%.

CREDIT GROWTH

  • 1. As on December 20, 2019, Bank Credit growth (YoY) moderated to – 7.1%.
  • 2. Between March 2019 and September 2019, Capital to Risk-weighted Asset Ratio of SCBs increased to – 15.1%.

PRICES AND INFLATION

  • 1. In 2019-20 (April to December, 2019), Consumer Price Index (CPI) inflation increased to – 4.1%.
  • 2. During 2019-20 (April to December, 2019), Wholesale Price Index (WPI) inflation fell to – 1.5%.

SDG INDIA INDEX

  • 1. Front runners (overall) – Himachal Pradesh, Kerala, Tamil Nadu, Chandigarh.
  • 2. Front runners under the category of Aspirants – Assam, Bihar and Uttar Pradesh.

INTERNATIONAL SOLAR ALLIANCE (ISA)

  • 1. Lines of credit for International Solar Alliance (ISA) from EXIM Bank of India – US$ 2 Billion.

INDUSTRY AND INFRASTRUCTURE

  • 1. In 2019-20 (April-November), the industrial sector as per Index of Industrial Production (IIP) registered a growth of – 0.6%.
  • 2. As on 30 September 2019, Total telephone connections in India touched – 119.43 crore.
  • 3. Installed capacity of power generation as on October 31, 2019 – 3, 64,960 MW.

SERVICES SECTOR

  • 1. Total size of the economy and GVA growth – About 55%.
  • 2. Proportion of total FDI inflows into India – Two-thirds.

SOCIAL INFRASTRUCTURE, EMPLOYMENT AND HUMAN DEVELOPMENT

  • 1. Proportion of GDP on the expenditure on social services (health, education and others) by the Centre and States in 2019-20 – 7.7%.
  • 2. India’s ranking in Human Development Index in 2018 – 129 (With 1.34% average annual HDI growth).
  • 3. In 2017-18, the share of regular wage/salaried employees has increased by 5 percentage points to – 23%.
  • 4. In 2017-18, Total formal employment in the economy increased to – 9.98%.
  • 5. Proportion of productive age (15-59) group engaged in full time domestic duties – Around 60%.
  • 6. Mission Indradhanush has vaccinated 3.39 crore children and 87.18 lakh pregnant women of – 680 districts.
  • 7. Strategy which launched to focus on sustaining the sanitation behavior change and increasing access to solid and liquid waste management – 10 Year Rural Sanitation Strategy (2019-2029).

RAILWAY

  • 1. Indian Railways’ achievements – 550 Wi-fi facilities; Zero unmanned crossings; 27000 Km of electrified tracks.