Quick Summary
The Economic Survey 2019-20 has beenpresented today i.e. the 31st of January 2020 by Chief Economic Advisor Dr. KV Subramanian. Every year the economic survey is presented aday before the Union Budget is presented. The survey presents the overall economic condition of the country in the previous12 months. The Economic Survey presented the details of the governments financial statement and economic outlook of the country. The theme of Economic Survey 2019-20 was Enable Markets, Promote Pro-Busine
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FAQ :
The Economic Survey 2019-20 was presented on January 31, 2020.
The Economic Survey 2019-20 was presented by Chief Economic Advisor Dr. KV Subramanian.
The main theme was to enable markets, promote 'Pro-Business' policies, and strengthen 'Trust' in the economy, with ethical wealth creation being key to India becoming a $5 trillion economy by 2025.
The survey suggests strengthening the 'invisible hand' by promoting pro-business policies, ensuring equal opportunities, enabling fair competition, easing business operations, and eliminating unnecessary government intervention.
The survey highlights India's ranking as third in new firm creation and notes a significant increase in new firm creation since 2014, particularly in the services sector. It also points out that district-level entrepreneurship significantly impacts grassroots wealth creation.
The survey suggests that while government intervention is not always detrimental, some interventions, though well-intentioned, can undermine market capabilities and lead to unintended consequences. It advocates for a systematic review of needless interventions that may have lost relevance.
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