Economic Survey 2019: Here are 10 key highlights

SUMMARY

The government on Thursday tabled the Economic Survey 2019 in Parliament. The survey, prepared by Chief Economic Advisor Krishnamurthy Subramanian, was tabled by Finance Minister Nirmala Sitharaman. The survey projected 7 percent GDP growth for financial year 2019-2020. Here are the key highlights of the survey:

By CNBC-TV18Jul 4, 2019 5:27:00 PM IST (Published)

Gross Domestic Product (GDP) growth is seen at 7 percent in the financial year 2020.

Higher FY20 growth predicted on stable macroeconomic condition.

Investment rate seems to have bottomed out.It is expected to pick up in 2019-20 on the back of credit growth and improved demand.

The general fiscal deficit is seen at 5.8 percent in FY19 as compared to 6.4 percent in FY18.

Goods and Services Tax (GST) buoyancy in FY20 will be key to improved fiscal situation.

Growth in service exports and imports in the US dollar declined to 5.5 percent and 6.7 percent respectively in FY'18 from 18.8 percent and 22.6 percent in FY'19.

Job creation can be fostered by boosting investment, adding that the aggressive export strategy must be part of an investment-driven model.

Savings have to increase more than investments to allow for the accumulation of precautionary savings.

Virtuous cycle of savings, investment, exports and growth with investment are needed as the central driver.