Get All Access for $5/mo

10 Things to Know About the Economic Survey Report 2019 The masters of the survey turned out to be investment and a sustained GDP of 8per cent which will ensure a decent growth rate for India

By Bhavya Kaushal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

The Economic Survey Report 2019 that came out this morning has been hailed by the experts in the way it urges the citizens to be bullish about the growth of the economy based on challenging some numbers going low. The masters of the survey turned out to be an investment and a sustained GDP of 8per cent which will ensure a decent growth rate for India.

GDP Growth

In the Economic Survey report, Finance Minister Nirmala Sitharaman has said that to become a USD 5 trillion economy, India needs to sustain a growth rate of 8 per cent. Sitharaman also highlighted that the real gross GDP is expected to be 7 per cent this year.

Fiscal Deficit

The Chief Economic Advisor said that the fiscal deficit for 2018-19 is pegged at 3.4 per cent. It has gone down significantly from a 3.9 in 2015-16.

Inflation

According to the report, oil prices have been predicted to decline in FY20. Sitharaman has said that if oil prices decline then it will help keep inflation in check and keep a check on saving money as well.

Education

The report also highlighted that education and the gender divide need to be addressed without batting an eye. It says that there has been a remarkable improvement in the gross enrollment numbers for girls but the numbers narrow down and the gap increases as the girls' enrolment rate is lower than that of boys at the higher education level.

Foreign Exchange Reserves

The foreign exchange reserves have increased to a whopping USD 412. 9 Bn this year.

Industrial Growth

The industrial growth in India is on an unstoppable rise. However, the economic survey highlighted as important aspect pertaining to 5G when it said that the upcoming 5G technology is an opportunity for Indian industry players to reach out to global markets while building a digital payment, knowledge and services economy.

Investments

On the investment front, the survey highlighted that the nation should work on savings and investment just like China's model which will in turn help India significantly in job creation, high productivity and also higher exports. The Chief Economic Advisor also said, "Economy is now poised for take-off, investment is the key driver."

Get Ready for Ageing

Among the demographic trends identified by the survey report, ageing seems to be something India needs to be prepared for. A few weeks ago, Amitabh Kant, CEO of NITI Ayog urged cab aggregators like Ola and Uber to hire retired people above 60 years of age as job opportunities for this age band are null.

Electric Vehicles

The Finance Minister eloquently expressed her hopes from the EV sector and how India must create an environment for the companies in this field to flourish and prosper. She said that electric vehicles represent the next generation in sustainable mobility and that "India must emphasize on them." The survey also highlighted that currently, the market share of electric cars is only 0.06 per cent when compared to 2 per cent in China and 39 per cent in Norway.

Firms

The report revealed a surprising feature when it pointed that 85per cent of the firms are small businesses and labour reforms can help "unshackle" them which in turn will ensure their growth.

Bhavya Kaushal

Former Features Writer

I am a work-in-progress writer and human being. An English graduate from Delhi University, writing is my passion and currently, I was Entrepreneur India's start-up reporter. I love covering start-ups and weaving their stories into unforgettable tales with the power of ink! 
Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.