Live Economic Survey 2015: Presented by Finance Minister in Parliament

Live Economic Survey 2015: Presented by Finance Minister in Parliament

The Finance Minister presents the Economic Survey in the Parliament every year, just before the Union Budget. It is likely to state that the economy is in good health and will also highlight the economic revival. The survey will also highlight the stability with respect to the balance of payments.

On inflation, the Survey said, there has been a fall of over 6 percent points since 2013, even as the external sector, which includes exports and inflow of foreign funds, was returning to a path of strength and resilience. Industrial growth has also picked up now. On the fiscal side, it said the government was committed to consolidation with revenue generation a priority.

Here are the key highlights of Economic Survey:

  • Government committed to fiscal consolidation, increasing revenue generation is a priority.
  • Food grain output in 2014-15 at 257.07 mn tons, will exceed the average production of last 5 years by 8.5 mn tons.
  • Food subsidy bill raise 20 pc in April-January 2014-15 at Rs 1.07 lakh cr.
  • There is political mandate for reform and benign external env now. Forex reserves going up.
  • Inflation showing declining trend as a result of government measures and falling international oil prices, survey says.
  • Growth at market prices seen between 8.1-8.5 percent in 2015-16 on the basis of new GDP calculation formula.
  • Gold imports into India, the world’s top consumer, jumped 55 % to 57.2 tons in Jan, ahead of an expected cut in the import duty in Saturday’s Union Budget.
  • BSS Sensex trading over 240 points higher, ahead of Economic Survey 2015: NSE Nifty up 60 points.
  • Disinvestment plans to boost revenues.
  • Manufacturing and services sector equally important for growth of economy.