Economic Survey 2019-20 highlights:

Economic Survey 2019-20 highlights:

GDP growth pegged at 6-6.5% in fiscal year starting April 1, up from 5% in current fiscal

■ Fiscal deficit target for current fiscal may need to be relaxed to revive growth

■ Uptick in growth projected in second half of current fiscal based on 10 factors including higher FDI flows, build up of demand pressure, positive GST revenue growth

■ Survey asks government to deliver expeditiously on reforms to revive growth

■ Ethical wealth creation key to India becoming $5 trillion economy by 2025

■ Share of formal employment increased from 17.9% in 2011 -12 to 22.8% in 2017-18 reflecting formalisation in the economy

■ Theme of Survey is wealth creation, promotion of pro-business policies, strengthening of trust in the economy

■ To achieve GDP of $5 trillion by 2024-25, India needs to spend about $1.4 trillion over these years on infrastructure

■ 2.62 crore new jobs created in rural, urban areas between 2011-12 and 2017-18 among regular wage/salaried employees

■ 8% increase in regular employment of women in 2017-18 over 2011-12

■ Excessive government intervention in markets, especially when the market can do the job of enhancing citizens welfare perfectly well, stifles economic freedom

■ Debt waivers disrupt the credit culture, reduces formal credit to same farmers

■ Suggests government to systematically examine areas where it needlessly intervenes and undermines markets

■ Calls for improving governance in public sector banks, more disclosures to build trust

■ Calls for measures to make it easier to start new business, register property, pay taxes, enforce contracts

■ Easing of crude prices lowers current account deficit; imports contract more sharply than exports in first half of current fiscal

■ Declining inflation from 3.2% in April 2019 to 2.6% in December 2019, reflecting weakening demand pressure in the economy

■ GST collections grew by 4.1% for the centre during April-November 2019.

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