Economic Survey 2020 presents a very positive outlook of the Indian economy feels Dr. J.D.Agarwal, Professor of Finance and Chairman, Indian Institute of Finance. It rightly supports the GDP estimation of India following the revised estimation methodology in 2011.
Economic Survey has rightly lauded the economic performance of the Indian economy in 2019-20 on various economic parameters, despite weak environment for global manufacturing, trade and demand, feels Dr. Agarwal.
According to Economic Survey the economy has performed very well in 2019-20 on various economic parameters, feels Professor Agarwal. There is an improved growth in consumption, Growth in Agriculture and allied activities and public administration, Defense and other services, Improved current account deficit to 1.5% from 2.1 % of GDP, Impressive Foreign direct investment, Rebounding portfolio flows, Accretion in Foreign Exchange Reserves to 460 billion dollars and India’s gain in stability in external sector despite GDP Growth rate has moderated to 4.8%.
Economic Survey has rightly given thumbs up to government for its economic policies for reforms undertaken during 2019-20 to boost investment, consumption and exports, speeding up insolvency resolution process and easing of credit, feels Dr. Agarwal.
Economic Survey 2020 has very well presented a realistic picture of various sectors of the economy: Agriculture and Food Management, Industry and infrastructure , Services, social infrastructure, employment & human development, opines Professor Agarwal.
According to Dr. Agarwal, Economic Survey has also laid road map of Indian economy for future by advocating least government intervention, labour intensive export trajectory, privatization, and aggressive disinvestment of Central public sector enterprises so as to bring in higher profitability, promote efficiency, increase competition and to promote professionalism. It supports a economic path away from crony policies and advocates enabling competitive markets, least government intervention.
(Writer is Professor of Finance and Chairman, Indian Institute of Finance )
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