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Economic Survey 2018-19: Key highlights

Huge political mandate augurs well for growth prospects, says the survey

Economic Survey 2018-19, which was tabled in Parliament, during the ongoing budget session in New Delhi on Thursday | PTI

Following are the highlights of the Economic Survey 2018-19 tabled in Parliament on Thursday:

 * GDP growth pegged at 7 per cent in 2019-20, up from 6.8 per cent last fiscal

* Growth in current fiscal to be driven by investment, consumption

* Sustained 8% growth needed to become a $5-trillion economy by 2024-25

* Huge political mandate augurs well for growth prospects

* Investment is the "key driver" of simultaneous growth in demand, jobs, exports and productivity

* Green shoots in investment, visible pick-up in credit growth seen

* Crude oil prices to decline in 2019-20, to push consumption

* General government fiscal deficit seen at 5.8 per cent in 2018-19, against 6.4 per cent last fiscal

* Projects imports to grow at 15.4 per cent, exports at 12.5 per cent for 2018-19 

* Projects 283.4 million tonne of foodgrain production in 2018-19

* Foreign exchange reserves at $422.2 billion in June 2019

* Suggests policies to unshackle MSMEs to grow, create jobs and enhance productivity 

* Calls for reorienting policies to promote young firms which have the potential to become big, rather than small MSME firms which remain small

* Flags need to prepare for ageing of the population; this necessitates more healthcare investment, increasing retirement age in a phased manner 

* Highlights the immense potential of data of societal interest, says data should be "of the people, by the people, for the people"

* Legal reform, policy consistency, efficient labour markets and use of technology focus areas

* Contract enforcement biggest constraint to improve Ease of Doing Business ranking; much of the problem is concentrated in the lower courts 

* Low pay and wage inequality remain serious obstacles towards achieving inclusive growth 

* Policy changes needed to lower overall lifetime ownership costs and make electric vehicles an attractive alternative to conventional vehicles  

* Survey recommends harmonised overarching National Policy on Resource Efficiency.