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Economic Survey 2019 LIVE Updates: Theme is 'shifting gears with investment as key driver', CEA K Subramanian

Economic Survey 2019 LIVE Updates: Change from ‘Beti Baco Beti Padhao’ to ‘BADLAV’, ‘Swachh Bharat’ to ‘Sundar Bharat’. Key theme to be shifting gears.

Jul 4, 2019 15:15 IST
Economic Survey 2019 LIVE Updates: Main theme is 'shifting gears with investment as key driver'

Economic Survey 2019 LIVE Updates: The first Economic Survey of Modi government 2.0 was tabled in the Indian Parliament on June 4, 2019 at 12 pm. The Economic Survey 2019 was tabled in both the Rajya Sabha and Lok Sabha. The live updates of the Parliamentary proceedings were available on Rajya Sabha and Lok Sabha channels. You can also catch the LIVE updates here on our page.

Economic Survey 2019 LIVE Updates @3:12pm: Ending Matsyanyaya: Increasing number of judges in lower judiciary. The Economic Survey suggests that delays in disposal resolution are one of the biggest hurdles to achieving a higher GDP growth rate and around 87.5 percent cases are pending at the district and subordinate court level. The situation, however, can be resolved by employing more judges in these courts. The Economic Survey suggests filling out 2279 vacancies in lower courts and 93 in High Courts along with 25 percent productivity increase in lower courts, 4 percent increase in High Court and 18 percent productivity increase in the Supreme Court can help in faster disposal of backlog cases.

Economic Survey 2019 LIVE Updates @1:50pm: Need to unshackle small firms to create more jobs. Currently, the contribution of small firms to employment is only 14% and productivity is 8%. On the other hand, the large firms account for around 75% employment and 90% of productivity.

Economic Survey 2019 LIVE Updates @1:45pm: Behavioral economics to play a huge role in taking India to the 5 trillion economic vision. Nourishing MSME's to grow better is another key focus to achieve the vision.

Economic Survey 2019 LIVE Updates @1:44pm: Increase in investment has a direct impact of increase in exports.

Two Key Departures

1. The economic of equilibrium

2.  Various economic challenges such as demand, jobs, exports are complimentary and not separate problems.

3. Classical economics thinks of Humans as robots. However, a branch of economics has recently worked on behavioral economics and Economic Survey 2019 tries to create an agenda of social change.

Economic Survey 2019 LIVE Updates @1:40pm: Investment key driver in growth cycle- It leads to improvement in productivity when firms become more productive they can go and compete in the market- which leads to job creation. Exports and job creation together can enable growth. The Economic survey prepared after studying the economy of high-growth economies like China, which is fast growing.

Economic Survey 2019 LIVE Updates @1:30pm: Key Achievments in last 5 years- Establishment of macro stability, invested in infrastucture through UDAAN Scheme.

Economic Survey 2019 LIVE Updates @1:25pm: Survey has been presented in a way that it can reach each and every person. Small videos have been created so that a large section of people can access the Economic Survey.

Economic Survey 2019 LIVE Updates @1:20pm: The theme of Economic Survey 2019 is shifting gears through a virtual cycle with investment as the key driver.

Economic Survey 2019 LIVE Updates @1:15pm: Krishnamurthy Subramanian, Chief Economic Advisor press conference: In an uncertain world, three key elements are necessary: a Vision-to create 5 trillion economy by 2024-25. This can be done through a strategic blueprint (Economic Survey 2019) and practical tools to recalibrate constantly to the strategic blueprint. Three key elements to  Vision- 5 trillion economy by 2024-25.

Investment will be the key driver. Main focus will be behavioral economics.

Economic Survey 2019 LIVE Updates @1:15pm: Key Highlights of the Economic Survey: More focus on private investment, people centric policies, focus on revamping MSMEs to achieve greater profit, nourishing growth of small firms, extended focus on health and cleanliness with a change from Swachh Bharat to Sundar Bharat, focus on enabling inclusive growth, redefining minimum wage for workers, setting up of national floor wage and using behavioral insights to create a social change such as moving from ‘Beti Baco Beti Padhao’ to ‘BADLAV’.

Economic Survey 2019 LIVE Updates @1:00pm: The Economic Survey suggests that there should be an easy toll-free number for grievance redressal on non-payment of minimum wages.

Economic Survey 2019 LIVE Updates @12.59 pm: Minimum Wages: The Economic Survey calls for the establishment of a national floor minimum wage and states that the states should fix their minimum wages above the floor wage. The national floor wage will vary across different geographical regions. The minimum ages should be fixed on the basis of:

1. Skill category-unskilled, semi-skilled, skilled and highly skilled

2. Geographical region, or both

Economic Survey 2019 LIVE Updates @12.59 pm: The main vision of Economic Survey 2019 is to help India grow into a 5 trillion economy by 2024-25. The key aim is to make India the third largest economy in the world and for that India will need to achieve an annual GDP growth rate of 8 percent.

Economic Survey 2019 LIVE Updates @12.56 pm: Economic Survey 2019: Key Highlights & Facts of the Economic Survey 2019

Economic Survey 2019 LIVE Updates @12.56 pm: Economic Survey- How to Download

Economic Survey 2019 LIVE Updates @12.56 pm: The survery states that fiscal federalism strengthened significantly when the state's share in central taxes was increased from 32% to 42%.

Economic Survey 2019 LIVE Updates @12.54 pm: The Economic Survey states that creation of physical infrastructure accelerated significantly during 2014-19.

Economic Survey 2019 LIVE Updates @12.47 pm: The Survey stated that India’s economy performed well during the last 5 years. India became the sixth largest economy by sustaining growth rates higher than China.

Economic Survey 2019 LIVE Updates @12.47 pm: The Survey aims to use Behavioural Economics advances to address issues such as gender equality, a healthy and a beautiful India, savings, tax compliance and credit quality.

Economic Survey 2019 LIVE Updates @12.39 pm: Economic Survey suggests focus on policies that nourish MSMEs to create more jobs and become more productive, reduce the cost of capital and rationalize the risk-return trade-off for investments.

Economic Survey 2019 LIVE Updates @12.36 pm: The Economic Survey departs from “traditional thinking by advocating a growth model for India that views economy as  being either in a virtuous or a vicious cycle, and thus never in equilibrium”.

Economic Survey 2019 LIVE Updates @12.30 pm: Imports slated to grow at 15.4% while exports projected to grow at 12.5% for the year 2018-19. The Economic Survey suggests that exports must form an integral part of the growth model because higher savings preclude domestic consumption as the driver of final demand.

Economic Survey 2019 LIVE Updates @12.27 pm: "Economic Survey 2019 is inspired by Gandhiji's Talisman: “…Recall the face of the poorest man [woman], and ask yourself, if the step you contemplate is going to be of any use to him [her],” tweets Krishnamurthy Subramanian.

Economic Survey 2019 LIVE Updates @12.26pm: Theme of Economic Survey 2019- To enable shifting gears to accelerate and sustain a real GDP growth rate of 8% and thereby achieve the vision of 5 trillion economy.

Economic Survey 2019 LIVE Updates @12.25 pm: The estimated growth rate for agriculture, forestry and fishing sectors is 2.9 percent. The projected output of food grains production for 2018-19- 283.4 million tons.

Economic Survey 2019 LIVE Updates @12.20 pm: Economic Survey Key Highlights by Krishnamurthy Subramanian

1. Investment the "key driver" of simultaneous growth in demand, jobs, exports & productivity.

2. In an unpredictable world, policymaking needs three key elements- Clear vision, strategic blueprint to achieve the vision and tactical tools for constant recalibration based on real time data. The data must be created as a public good “of the people, by the people, for the people”.

3. Indian MSMEs need to be freed from shackles that convert them into dwarfs. MSMEs need to be seen as a source of innovation, growth and job creation.

4. Economic Survey 2019 highlights that enabling behaviour change is simplest way to change gender equations, business culture, sanitation culture, health culture and so on.

5. One of the biggest hurdles for India to become a 5 trillion economy is poor enforcement of contracts and dispute resolution. Steps need to be taken to speed up legal process.

Economic Survey 2019 LIVE Updates @12.15 pm: India needs to sustain a GDP growth rate of 8% to become a $5 trillion economy by 2025.

Economic Survey 2019 LIVE Updates @12.10 pm: General fiscal deficit seen at 5.8% in FY19 against 6.4% in FY18.

Economic Survey 2019 LIVE Updates @12.05 pm: The economic survey has predicted 7% Gross Domestic Product (GDP) growth in FY-20 on stable macro economic conditions.

Economic Survey 2019 LIVE Updates @12.00 pm: Nirmala Sitharaman tables the Economic Survey 2019 in Lok Sabha.

Economic Survey 2019 LIVE Updates @11.50 am: The Chief Economic Advisor is expected to call a press conference at 1.15pm today.

Economic Survey 2019 LIVE Updates @11.50 am: How to download Economic Survey?

The Economic Survey 2019 can be downloaded in a pdf format. It will be available for download after it has been presented in the Parliament.  Economic Survery Download link: https://www.indiabudget.gov.in/

Economic Survey 2019 LIVE Updates @11.45 am: What is the review period of the Economic Survey?

The Economic Survey is prepared by the Union Government after reviewing the Indian economy over the last 12 months.

Economic Survey 2019 LIVE Updates @11.40 am: When is Economic Survey presented?

The Economic Survey is tabled in the Parliament every year, a day before the presentation of the Union Budget. The survey is prepared by the Union Finance Ministry. The Economic Survey is prepared under the guidance of the Chief Economic Adviser in the Finance Ministry.

Economic Survey 2019 LIVE Updates @11.35 am: What is an Economic Survey?

The Economic Survey is an annual document prepared by the Union Finance Ministry after reviewing the economic situation of the country. The Economic Survey comprises detailed data on macro economy and other sectors. The Economic Survey includes key economic statistics, policy ideas and detailed research on macro and sectoral trends. The Economic Survey 2019 will serve as a guideline for the Union Budget 2019.

Economic Survey 2019 LIVE Updates @11.30 am: The Economic Survery 2019 will be tabled by Krishnamurthy Subramanian, the Chief Economic Advisor in both Rajya Sabha and Lok Sabha. The Chief Economic Advisor tweeted saying that he was looking forward to table his first and the new Government's first Economic Survey in Parliament.