- Finance Minister Nirmala Sitharaman while presenting the Economic Review 2019-20 in Parliament said that India has jumped 79 places in the World Bank’s Ease of Doing Business. India has moved from 142nd place in 2014 to 63rd position in 2019. According to the Economic Review, India has recorded progress in 7 out of 10 standards.
- In Economic Review 2019-20, it has been named Thalinomics to review the expenditure incurred by a common man for nutritious platter. Thalinomics is the study of the payment made by the common man for a plate across India. The Thalonomics of the Economic Review states that there has been an improvement of 29 per cent in the affordability of vegetarian plate by 2019-20 as compared to 2006-07.
- Economic Review 2019-20 states that the Indian economy is the fifth largest economy in the world. According to the data, in the year 2019, India’s economy has been sized to the tune of US $ 2.9 trillion. It said that in the budget 2019-20 presented in July 2019, a clear emphasis has been laid on the approach to make India a US $ 5 trillion economy.
- According to the Economic Review of 17.3 Lakhs, between 2014 and 2018, the total number of workers has increased by 14.7 Lakhs whereas the number of workers employed in the organized sector has increased to 17.3 Lakhs. The Economic Review states that in the last six years, the share of formal employment authorized by regular wages has increased by 22.8 percent. Whereas, casual labor has seen a decline in rural areas as rural labor has shifted from agriculture to industrial activity.
- The Economic Survey Report 2019-20 presented by Finance Minister Nirmala Sitharaman estimates the country’s GDP growth to be 6 to 6.5 percent for the financial year 2020-21. Currently, the country’s GDP growth for FY 2019-20 is estimated at 5 percent.
- Economic review states that special attention was paid to improving the quality of jobs and formalizing the economy with efforts to create additional employment. In all, about 2.62 crore new jobs were created, in which 1.21 crore in rural areas and 1.39 crore in urban areas. The Economic Review also outlined various programs and legislative measures to encourage female participation in the country’s economy.
- This number increased by about 80 percent in the year 2018 to nearly 1,24,000, compared to about 70,000 new companies formed in the year 2014. According to the report, the growth rate increased to 12.2 percent during 2014-18 as compared to a growth rate of 3.8 percent in the formation of new companies during 2006–14. Most entrepreneurship in service sector was seen in Delhi, Mizoram, Uttar Pradesh, Kerala, Andaman and Nicobar Islands and Haryana.
- The Economic Review states that during 2019-20 (till December, 2019), the total monthly recovery of GST increased by 5 times to more than Rs 1, 00,000 crore. During April to November, 2019, the total GST recovery for the Center and the states was 8.05 lakh crore, showing an increase of 3.7 percent over the same period of the previous year.
- In the economic review, it has been suggested that maximum employment can be created in different districts of the country by increasing ease of doing business and implementing flexible labor laws. It has also been estimated that in 2020-21, agriculture and allied sectors may grow by 2.8 percent. The survey said that if the sale of houses increases, then banks and non-banking finance companies will benefit.
- Economic Review Report 2019-20 presented by the Finance Minister, it is said that if India is to become a five thousand billion dollar economy by 2024-25, then it will need to spend $ 1,400 billion on infrastructure. It is estimated that the country’s economy will be back on track in the second half of FY 2020. After this, it has been projected to reach a strong position in FY 2021.
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