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Topic: Economic Survey
The Economic Survey included quotes from Bhagavad Gita, Adam Smith's 'An Inquiry into the Nature and Causes of the Wealth of Nations' and the Rig Veda.
Economic Survey 2019-20 indicates that while India has jumped a long way in Ease of Doing Business rankings, it still trails South-East Asian & other countries.
Economic Survey is almost certainly wrong in assuming Modi govt will use its mandate to undertake serious reform. It’s fairly clear its priorities lie elsewhere.
Economic Survey 2019-20 blames the 1955 EC Act and the Food Corporation as govt interventions that have undermined markets and held back agricultural growth.
Former CEA Arvind Subramanian argued last year that India’s GDP growth is overestimated by 2.5 percentage points. This was dismissed by Prime Minister’s Economic Advisory Council.
With “wealth creation” as the central theme of 2020 Economic Survey, Modi govt has harked back to its capitalist orientation in the backdrop of an economic slowdown.
The 2019-20 Economic Survey has found that veg thalis became 29% more affordable compared to 2006-07, while non-veg thalis became 18% more affordable.
Modi govt had tried hard to shed ‘suit-boot ki sarkar’ label, but recent moves like corporate tax cuts show it has had a rethink due to the economic slowdown.
To enable Indian economy to strongly rebound in 2020-21, Economic Survey 2020 urges Modi govt to use its strong mandate to expeditiously deliver on reforms.
The ‘nudge unit’ will work with states governments to understand behavioural changes so as to make policies and programmes more effective.