The Economic Survey 2018-19

Economic Survey 2019 in six charts

Finance Minister Nirmala Sitharaman tabling the Economic Survey 2019 in the Parliament on July 4, 2019.

Finance Minister Nirmala Sitharaman tabling the Economic Survey 2019 in the Parliament on July 4, 2019.   | Photo Credit: PTI

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India continued to be the fastest growing major economy in the world and ranks third in terms of size after the U.S. and China.

The Indian economy grew by 6.8% in 2018-19, slightly lower than 7.2% in the previous Financial Year (FY), said the Economic Survey, which was tabled in Parliament on July 4, 2019.

However, India continued to be the fastest growing major economy in the world and ranks third in terms of size after the U.S. and China.

Per Capita Net National Income, a crude indicator of prosperity, has shown an upswing.

Consumer inflation (rate of increase of prices) was contained within 4% and it has been showing a downward trend since FY 2016. The Index of Industrial Production, an indicator of growth across key industries, registered a rise in FY 2017 and FY 2018, but has dipped in FY 2019.

 

Expenditure on social services has increased both in monetary terms and as a percentage of the GDP. However, while the spending on education has grown in absolute terms, its share in the total expenditure has come down slightly since FY 2014.

 

The Survey says: “The performance of the banking sector (domestic operations), Public Sector Banks (PSBs) in particular, improved in 2018- 19. The Gross Non-Performing Advances (GNPA) ratio of SCBs decreased from 11.5% to 10.1% between March 2018 and December 2018.”

However, NBFC have performed badly, says the Survey. “The GNPA ratio of NBFC sector deteriorated to 6.5% as in December 2018 from 6.1% in March 2018. The net NPA also increased marginally to 3.6% in December 2018 from 3.2% in March 2018.”

The Survey predicts that the national Total Fertility Rate (TFR) will be lower than the replacement rate in 2021. The TFR for India as a whole is 2.3, currently. Rural areas have a TFR of 2.5, while urban areas are lower, at 1.8.

"Demand for work under MGNREGS may be used to develop a real-time indicator of distress at the granular district/panchayat level," said the Survey.

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India’s economic growth will depend upon the ability to provide affordable, reliable and sustainable energy to citizens and the country is required to raise per capita energy consumption by at least 2.5 times to increase per capita income by $5,000, the Survey said.

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Printable version | Dec 14, 2019 6:52:30 PM | https://www.thehindu.com/business/budget/economic-survey-2019-in-six-charts/article28284058.ece

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