New Delhi, Feb 27: Union Finance Minister Arun Jaitley presented the economic survey in the Parliament for the last year and this fiscal ahead of the Union Budget 2015-16. According to the government's assumption and analysis, the growth rate of over 8 per cent is expected for the coming year.
Introducing the economic survey today, Jaitley said that the there is scope for big bang reforms in India. The survey shows that inflation has declined during the year 2014-15 from April to December. And the growth in the last fiscal was largely driven by the domestic demand.
The Inflation is likely to be below the RBI target by 0.5-1% in the coming year. The Growth will be more in Fiscal Year 17 following GST implementation. However, Liquidity conditions are expected to remain comfortable this fiscal.
He said that his government is committed on fiscal consolidation. The survey says that the government is moving in a right direction to control the inflation and to have growth and development in every sector.
He said that the 14th finance commission will enhance the federalism policy in India.
The survey says that the food grain production foor the year 2014-15 was estimated at 257.07 mn tonnes and this will exceed by 8.5 million tonne. However, more efforts are required to rationalise the food subsidies. The government should ensure the expenditure control to reduce the fiscal deficit.
He said that the public investment will be a key growth engine for the Railways but it will not be substitute for private investment. The private investments in Railways will boost the manufacturing industry under the Make in India programme.
The survey says that the Reforms of labor and land laws and reducing the costs of doing business will need to be a joint endeavor of the states and center.
He said that the current trend is favourable, but the country needs to watch closely the risks from a shift in the US monetary policy and the crisis in the Euro zone.
This is a challenging time for agriculture growth. The agriculture grows at 4 percent on a sustained basis.
Talking on the Jan Dhan Yojna, he said that this will offer exciting possibilities to target the public resources.
The trade sector is more challenging now as the exports has declined. Therefore, the PM's skill India programme should be given more importance to realise the Make in India programme.
On climate change he said that India has taken several initiatives for the green actions. The country will have effective contribution on the discussions in Paris.
On social problems, he said that improving the status of women is a major challenge in India. The family planning programme should merge with reproductive health rights of women.
The economic survey before the budget reflects the upcoming plans and thoughts of the government towards the growth of economy.
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