Top 10 Highlights from Economic Survey 2019 – Read Now

The Finance Minister of India, Nirmala Sitharaman tabled the Economic Survey 2019 Document in the Parliament today, 4th July 2019. Economic Survey gives the overall detailed and analytical summary of India’s economic performance over the period of last 1 year (i.e. 2018-19) and also lays down the roadmap for the Economic growth and development in the coming years. In this blog we are going to provide you the Top 10 highlights from the Economic Survey 2019, which are important for Banking and Government Exams preparation in general and SBI PO Mains, RBI Grade B preparation in particular. so let us begin -:

Economic Survey 2020: Key Highlights

Economic Survey 2019 – Top 10 Highlights

1) The Economic Survey 2019 has estimated the FY20 Annual Economic Growth rate to be at 7%.

2) To be 5 Trillion Economy by 2025, India will have to grow at an annual growth rate of 8% per year

3) India will enjoy the “demographic dividend” phase in the next two decades but some states will start transitioning to an ageing society by the 2030s.

4) General fiscal deficit seen at 5.8% in FY19 VS 6.4% in FY18.

5) As per the Economic Survey Policymaking needs following 3 things -:

  1. Clear Vision
  2. Strategic blueprint
  3. Tactical tools for constant re-calibration.

6) Average inflation in the last five years was less than the inflation level of the preceding five years, matching the lowest levels attained in the country’s post-independence history, according to the Economic Survey 2019. 

7) The 2019 Economic Survey has estimated an annual growth rate of 2.9% for the Agriculture sector

8) Rural Wages have started to grow since mid-2018. These were on a declining trend in the previous few quarters.

9) India needs to increase per capita energy consumption to raise real per capita GDP by US$ 5000 and improve its HDI ranking.

10) The Survey is inspired by Gandhiji’s Talisman: “…Recall the face of the poorest woman/man, and ask yourself, if the step you contemplate is going to be of any use to her/him.”

(Source – Economic Times, NDTV, Financial Express)

Here’s Your Guide To Survey – Important Terms Used

ASER – Annual Status Of Education Report 

This is an annual survey that aims to provide reliable annual estimates of children’s schooling status and basic learning levels for each state and rural district in India

AT&C – Aggregate Technical and Commercial

The concept of Aggregate Technical & Commercial losses provides a realistic picture of loss situation in the context it is measured. It is a combination of energy loss (Technical loss + Theft + inefficiency in billing)& commercial loss (Default in payment + inefficiency in collection)

BE – Budget Estimates

It is an estimate of government spending on various sectors during the year, together with an estimate of the income in the form of tax revenues.

CAD – Current Account Deficit

It is a measurement of the country’s trade where the goods imported exceed by that of exported goods which includes foreign transactions.

CBR – Cultivated Biological Resources

It  refers to livestock for breeding, dairy, draught, etc. and vineyards, orchards and other plantations of trees yielding repeat products that are under the direct control, responsibility and management of institutional units

CIC – Currency In Circulation

This term refers to cash or currency within a country that is physically used to conduct transactions between consumers and businesses.

CLSS – Credit Linked Subsidy Scheme

CLSS scheme is given under the Pradhan Mantri Awas Yojana. This scheme focusses on helping the Middle-Income Groups, Economically Weaker Sections, and Lower-Income groups.

CoC – Committee of Creditors

CoC is a group of highly qualified people who represents the company’s creditors in a bankruptcy proceeding.

DBT – Direct Benefit Transfer

DBT is a mechanism for transferring the subsidies launched by the government of India. Transfer of subsidies will be directly into the bank accounts of the people.

DIPAM – Department of Investment and Public Asset Management

DIPAM is a subsidiary of Union Finance Ministry. It advises the government on the Financial fronts over the restructuring of PSU’s.

e-NAM – Electronic National Agriculture Market

This is an online platform for trading accessible to the farmers, traders, etc. The market is helping in better price discovery and provide facilities for smooth marketing of their produce

EWRs’ – Elected Women Representatives

This term refers to the leaders elected by the people for representing the female sections of the society.

FFPI – FAO Food Price Index

The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities.

GCCA – Grants for Creation of Capital Assets

Grants for creation of capital assets are defined as “the grants given by the Central Government to the State Governments, constitutional authorities or bodies, autonomous bodies in aid.

GFCF – Gross Fixed Capital Formation

It measures the value of acquisitions of new or existing fixed assets by the business sector, governments and “pure” households (excluding their unincorporated enterprises) less disposals of fixed assets. GFCF is a component of the expenditure on gross domestic product (GDP)

HPI – Housing Price Index

A Housing Price Index is used to measure the rate of change of pricing of households from a certain duration as mentioned.

HYV – High Yielding Varieties

High-Yielding Varieties of agricultural crops are usually characterized by a combination of the following traits in contrast to the conventional varieties

ISS – Interest Subvention Scheme

The interest subvention scheme was introduced to help relieve the farmers of the repayment of loans taken by them.

LFPR – Labour Force Participation Rate

LFPR is defined as the people falling in the age group of 16-64 who are currently employed or are seeking employment.

MC11 – Eleventh Ministerial Conference

11th Ministerial Conference was held in Buenos Aires in Argentina.  It was chaired by Minister Susana Malcorra of Argentina

NAS – National Accounts Statistics

NAS keeps the track of the accounts and the details for investment of the government.

NCDs – Non-Convertible Debentures

Non-Convertible Debentures are long-term financial instruments which acknowledge a debt obligation towards the issuer. Some debentures have a feature of convertibility into shares after a certain point of time at the discretion of the owner.

NITI – National Institution for Transforming India

This institute is entrusted with the tasks of overcoming the situational crisis in the country and transform it.

OoPE – Out of Pocket Expenditure

It is often termed as the expenditure that is avoided by the local mass because of the reasons like overpriced r often termed as unnecessary.

RGI –  Registrar General of India

Registrar General is responsible for arranging, conducting and analyzing results of demographic surveys of India including the Census of India as well as Linguistic Survey of country

WPI – Wholesale Price Index

Wholesale Price Index is a measure of changes in the pricing of the goods and other entities before reaching the retail level. It is usually expressed in Percentage or ratio.

That is all from us in this blog about Top 10 Highlights from Economic Survey 2019. Keep checking this space for all the major Bank and Government Exam updates, Study Materials and Mock Tests.

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