Economic Survey 2019 outlines vision to achieve $5-trn economy: PM Modi

The Eco Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves ahead of Union Budget 2019

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Private investment- key driverfor demand, capacity, labor productivity, new technology, creative destruction and job creation.

Survey departs from traditional Anglo-Saxon thinking by viewing the economy as being either in a virtuous or a vicious cycle, and thus never in equilibrium.

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Survey makes an effort to achieve vision of $5 trn economy: CEA

This year's economic survey makes an effort to achieve PM Modi's vision of Indian economy at $5 trillion  investment is the key driver here.

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Economic policy uncertainty has decreased: CEA

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Heading to a century where data is new oil: CEA

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Survey focuses on enabling MSMEs to grow for achieving greater profits, job creation and enhanced productivity.

 Dwarfs (firms with less than 100 workers) despite being more than 10 years old, account for more than 50% of all organized firms in manufacturing by

number.
 

 Contribution of dwarfs to employment is only 14% and to productivity is a

mere 8%.

 

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Working age population to grow by roughly 9.7mn per year during 2021-31 and 4.2mn per year during 2031-41: Economic Survey

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Economic Survey proposes new minimum wage policy

Redesigning a Minimum Wage System in India for Inclusive Growth
 

 Survey proposes a well-designed minimum wage system as a potent tool for

protecting workers and alleviating poverty.

 Present minimum wage system in India has 1,915 minimum wages for various

scheduled job categories across states.

 1 in every 3 wage workers in India not protected by the minimum wage law.

 Survey supports rationalization of minimum wages as proposed under the

Code on Wages Bill.

 Minimum wages to all employments/workers proposed by the Survey.

 ‘National Floor Minimum Wage’ should be notified by the Central

Government, varying across five geographical regions.

 Minimum wages by states should be fixed at levels not lower than the ‘floor

wage’.

 Minimum wages can be notified based either on the skills or on geographical

region or on both grounds.

 Survey proposes a simple and enforceable Minimum Wage System using

technology.

 ‘National level dashboard’ under the Ministry of Labour & Employment for

regular notifications on minimum wages, proposed by the Survey.

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MSMEs dont' create enough jobs: Economic Survey

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Sharp slowdown in population growth in next 2 decades

Sharp slowdown in population growth expected in next 2 decades. Most of India to enjoy demographic dividend while some states will transition to

ageing societies by 2030s.

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Net employment generation in formal sector was higher at 8.15 lakh in March 2019

Net employment generation in the formal sector was higher at 8.15 lakh in March, 2019 as against 4.87 lakh in February, 2018 as per EPFO.

 

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Survey states that pathways for trickle-down opened up during the last five years; and benefits of growth and macroeconomic stability reached the

bottom of the pyramid.

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Fiscal deficit pegged at 3.4% of GDP for 2018-19

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