A day before the Union Budget Day, the Finance Minister of India presented the Economic Survey 2018-19. The economic survey outlines the state of the Indian economy along with the challenges that lie ahead, conducting a sectoral overview to comment on reformed measures.
It called for the adoption of behavioral economics, marking milestones such as ‘Beti Bachao Beti Padhao’ to ‘Badlav’; shifting from ‘Swachh Bharat’ to ‘Sundar Bharat’, ‘Tax evasion’ to ‘Tax compliance’, and ‘Give It Up’ to Think about the subsidy’.
The survey highlighted the need for robust infrastructure and technology to create a $10 Trillion economy by 2032 at sustained GDP growth of 8 percent It said that such a rate could be sustained by a ‘virtuous cycle’ that involves saving, investment, and exports.
The GDP growth was projected to be at 7 percent for the year 2019-20, citing the pickup in investment and consumption. India’s GDP is projected to be even higher, growing at 7.3 percent in 2013 according to the April 2019 World Economic Outlook Report of the International Monetary Fund.