Highlights of the Economic Survey

Finance Minister Arun Jaitley on Friday tabled the pre-Budget Economic Survey in the Lok Sabha. 

Key Highlights:

   * GDP growth seen at 8.1-8.5% in 2015-16

   * Double digit growth trajectory; 8-10% GDP in coming years

   * Inflation shows declining trend during April-December

   * CAD to decline to about 1% in 2015-16

   * To adhere to fiscal deficit target of 4.1% of GDP; to aim for 3%

   * Committed to fiscal consolidation; to enhance revenue generation

   * More reforms on anvil; GST, expanding direct benefit transfers to be game-changers.

   * Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed last 5-year average by 8.5 MT

Budget 2015: Complete Coverage

   * NITI Aayog, 14th Fin Comm to enhance fiscal federalism

   * External Sector returning to strength, resilience

   * Need balance between 'Make in India' and 'Skilling India'

   * Services sector negotiations at WTO crucial for India in removing many market access barriers

   * Revitalise PPP model to revive investment

   * Manufacturing and services equally important for growth.

   * Consumer inflation in 2015-16 to be between 5-5.5 pc

   * Lower inflation opens up space for more monetary easing

   * There is scope for big bang reforms

   * Labour, capital, land, market reform and skills to be engines of growth

   * JAM Trinity - Jan Dhan Yojana, Aadhaar, Mobile - to help transfer of funds to poor without leakage

   * Shield domestic industry to promote 'Make In India'

   * Borrowings to fund investment, not for meeting expenses

   * Food subsidy bill in Apr-Jan up 20 pc to Rs 1.08 lakh cr

   * Reform Railway's structure, commercial practices, overhaul of technology

   * Public investment key growth engine in short-run for Railways, but not a substitute for private investment

   * More disinvestments on the anvil in current fiscal

   * Under-recoveries on petroleum products to come down to Rs 74,664 crore in 2014-15, from Rs 1.39 lakh crore in FY14

   * 4Ds - Deregulation, Differentiation, Diversification, Disinter (better bankruptcy laws) - to push financial sector growth

   * Implementation of GST to boost GDP, exports

   * Suggests medium to long term fiscal policy to target deficit, expenditure

   * Global commodity prices to remain weak in 2015

   * Ecommerce sector to witness 50 pc growth in 5 yrs

Economic Survey 2014-15

Budget 2015: Complete Coverage