Economic Survey of India 2020 is a detailed report card of the country’s economy. It is prepared by the Chief Economic Advisor of the Government of India. And is tabled in Parliament by the Finance Minister just before a day from the presentation of the Annual Budget FY2020.
On 31 January 2020, the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the ‘Economic Survey 2019-20’ in the Parliament. The theme of the Economic Survey 2019-20: “Enable Markets, Promote ‘Pro-Business’ Policies and Strengthen ‘Trust’ in the Economy”.
In this article, we have provided you with the short and important points that a person should know about the Economic Survey of India 2020.
Economic Survey of India 2020
The main agenda of the Economic Survey is to reviews the developments in the Indian economy over the past financial year. It also highlights the policy initiatives taken by the government and economic prospects in the short and medium-term.
- India’s goal about the economy by 2025 – $5 trillion.
- In 2020-21, GDP expected to grow in the range of – 6.0% to 6.5%.
- India’s only bank in the global top 100 – State Bank of India (SBI).
India’s Economic Performance
- India’s GDP growth in H1 of 2019-20 – 4.8%.
- The proportion of GDP in H1 of 2019-20 for Current Account Deficit (CAD) – 1.5%.
- Headline inflation in December 2019-20 – 7.35% (increased).
- The expected GDP growth for 2019-20 based on CSO’s first Advance Estimates – 5%.
- At the end of September 2019, India’s Balance of Payments (BoP) position improved to – US$ 433.7 bn of
- Foreign reserves, as on 10th January 2020 – US$ 461.2 bn.
Agriculture & Food Management
- The total Gross Value Added (GVA) GVA at Basic Prices for 2019-20 from ‘Agriculture, Forestry and
The fishing’ sector is estimated to grow by – 2.8%.
- Agricultural productivity is also constrained by the lower level of mechanization in agriculture which is
about – 40%.
- During the last five years, the Livestock sector has been growing at a CAGR of – 7.9%.
- During the last 6 years ending 2017-18, Food Processing Industries sector has been growing
Average Annual Growth Rate (AAGR) of around – 5.06%.
Plates of Food In India
- Absolute Price of a vegetarian Thali has decreased significantly since 2015-16 across India and four regions.
Forest & Tree Cover
- Forest and tree cover increasing to – 80.73 million hectares.
- Forest and tree cover of the geographical area of the country – 24.56%.
New Firms Creation
- India’s rank in terms of the number of new firms created, as per the World Bank – Third.
- New firms created in 2018 – About 1.24 lakh (an increase of about 80% in 2014).
- The new firm formation is the lowest in – eastern India.
- Exports for manufactured products increased by – 13.4%.
- Exports for total merchandise increased by – 10.9%.
- Imports for manufactured products increased by – 12.7%
- Imports for total merchandise increased by – 8.6%.
- In trade surplus per year for manufactured products, India gained a – 0.7% increase.
- In trade surplus per year for total merchandise, India gained – 2.3% increase.
Ease of Doing Business In India
- India’s rank in World Bank’s Doing Business rankings in 2019 – 63 (a jump of 79 positions from 142 in 2014).
- In 2018-19, the turnaround time of ships in India has almost halved to – 2.48 days.
- In 2019, global trade is estimated to grow at – 1.0%.
- In 2020, global trade is projected to grow at – 2.9%.
- India’s top five trading partners – USA, China, UAE, Saudi Arabia, and Hong Kong.
- Top export items – Petroleum products, precious stones, drug formulations & biologicals, gold, and other precious metals.
- Largest export destinations in 2019-20 (April-November) – United States of America (Topped), United Arab Emirates (UAE), China and Hong Kong.
- Top import items – Crude petroleum, gold, petroleum products, coal, coke & briquittes.
- India’s imports continue to be the largest from – China (Topped), USA, UAE, and Saudi Arabia.
- In 2019, India’s rank under the indicator, “Trading across Borders”, monitored by the World Bank in its Ease of Doing Business Report – 68.
- The current Logistics economy estimated to be around – US$ 160 billion.
- Expected Logistics economy by 2020 – US$ 215 billion.
- According to the World Bank’s Logistics Performance Index, India’s rank in the year 2018 – 44th.
- The proportion of GDP for External debt as at ends September 2019 – 20.1%.
- In FY 2019-20, the Repo rate was cut by – 110 basis points (in four consecutive MPC meetings).
Gross Non-Performance Advances Ratio
- Between March and September 2019, the Gross NPA ratio remained unchanged for Scheduled Commercial banks at – 9.3%.
- In September 2019, the Gross NPA ratio increased slightly for the Non-Banking Financial Corporations (NBFCs) to – 6.3%.
- As of December 20, 2019, Bank Credit growth (YoY) moderated to – 7.1%.
- Between March 2019 and September 2019, Capital to Risk-weighted Asset Ratio of SCBs increased to – 15.1%.
Prices & Inflation
- In 2019-20 (April to December, 2019), Consumer Price Index (CPI) inflation increased to – 4.1%.
- During 2019-20 (April to December 2019), Wholesale Price Index (WPI) inflation fell to – 1.5%.
SDG India Index
- Front runners (overall) – Himachal Pradesh, Kerala, Tamil Nadu, Chandigarh.
- Front runners under the category of Aspirants – Assam, Bihar, and Uttar Pradesh.
International Solar Alliance (ISA)
- Lines of credit for International Solar Alliance (ISA) from EXIM Bank of India – US$ 2 Billion
Industry & Infrastructure
- In 2019-20 (April-November), the industrial sector as per the Index of Industrial Production (IIP) registered a growth of – 0.6%.
- As of 30 September 2019, Total telephone connections in India touched – 119.43 crores.
- The installed capacity of power generation as on October 31, 2019 – 3, 64,960 MW.
- The total size of the economy and GVA growth – About 55%.
- The proportion of total FDI inflows into India – Two-thirds.
Social Infrastructure, Employment & Human Development
- The proportion of GDP on the expenditure on social services (health, education and others) by the Centre and States in 2019-20 – 7.7%.
- India’s ranking in Human Development Index in 2018 – 129 (With 1.34% average annual HDI growth).
- In 2017-18, the share of regular wage/salaried employees has increased by 5 percentage points to – 23%.
- In 2017-18, Total formal employment in the economy increased to – 9.98%.
- Proportion of productive age (15-59) group engaged in full-time domestic duties – Around 60%.
- Mission Indradhanush has vaccinated 3.39 crore children and 87.18 lakh pregnant women of – 680 districts.
- A strategy that 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).
- Indian Railways’ achievements – 550 Wi-fi facilities; Zero unmanned crossings; 27000 Km of electrified tracks.
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