Consolidated Highlights of Economic Survey 2014-15

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SME Times News Bureau | 27 Feb, 2015
Tabled in parliament Friday by Finance Minister Arun Jaitley and authored by a team led by Chief Economic Advisor Arvind Subramanian, the annual report card on the state of the economy said the growth should now rise further and double digit expansion was a possibility.

Highlights of the Economic Survey for 2014-15 tabled in parliament on Friday by Finance Minister Arun Jaitley:

* Growth rate of over eight percent expected in 2015-16

* Double-digit economic growth trajectory now a possibility

* Infrastructure growth of eight core industries higher than industrial growth since 2011-12

* Inflation showed declining trend during April-December 2014-15, average WPI inflation declined to 3.4 percent against average of six percent during the previous year, WPI food inflation fell to 4.8 percent after high of 9.4 percent in 2013-14, CPI inflation touched all-time low of 5 percent after remaining high at 9-10 percent for last two years

* Government measures to control food inflation and persistent decline in crude prices resulted in declining trend in inflation

* Foodgrain production in 2014-15 estimated at 257.07 million tonnes; will exceed average foodgrain production of last five years by 8.5 million tonnes

* Agriculture and allied sectors contributed 18 percent to GDP

* Number of macro level and sectoral initiatives undertaken to improve industrial growth

* Political mandate for reform and benign external environment

* Scope for big bang reforms

* Services sector clocks double digit growth of 10.6 percent

* External sector returning to path of strength and resilience

* Major reform initiatives undertaken in banking, insurance and financial sectors

* National Solar Mission being scaled up five-fold to 100,000 MW

* Clean Energy Cess doubled to Rs.100 per tonne to mop up Rs. 17,000 crore

* Action-oriented policies to bring rapid development to people while purposefully addressing climate change

* Reforms recommended of Indian Railways' structure, commercial practices, technology

* Greater public investment in railways to boost growth and manufacturing in India

* Government remains committed to fiscal consolidation, enhanced revenue generation a priority

* India needs to create additional fiscal space

* Male literacy at 80.9 percent, female literacy at 64.6 percent

* Need for balance between Make in India and Skilling India; skill development and employment are major challenges

* Food subsidy bill at Rs.1,07,823.75 crore during 2014-15 (upto January), an increase of 20 percent over previous year

* Rationalisation of subsidies and better targeting of beneficiaries will release resources for public investment in agriculture

* Create National Common Market for agricultural commodities

* Revive public investment to improve investment climate

* Fourteenth Finance Commission will enhance fiscal federalism

* Hyper-growth in tech startups

* Rural penetration of IT services to drive Make in India mission

* Electronic visa gives fillip to tourism sector