Here are the links to Economic survey for the year 2017- 2018 very useful for your prelims and mains exam.
Mrunal has posted economic survey 2015-16 videos on YouTube, they are in Hindi, but are easy to understand what he is saying, also he has covered wide range of areas.
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Economic Survey 2015–16 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance of major development programmes, and highlights the policy initiatives of the government.
The prelims questions on Indian economy are generally related to the current events thus Economic Survey is very useful as it provides a clear cut picture of the Indian Economy and latest trend associated with it.This will be helpful for Mains also as will help in analysing the different economic perspectives.
GS Score have compiled summary of
All credit lies with GS score, we are just sharing the good stuff.
Ahead of the Union Budget on Monday, FM Arun Jaitley tabled Economic Survey 2016 report today; Which opens with “Amidst gloomy international economic landscape, India stands as a haven of stability “.
You can also buy the Economic Survey 2015-2016 (Two-Volume Set) from amazon.
Index of the Survey
This is summary of Shanta Kumar Committee Report on FCI , The high Level Committee (HCL) on restructuring of Food Corporation of India (FCI),major issue before the Committee was how to make the entire food grain management system more efficient by reorienting the role of FCI in MSP operations, procurement, storage and distribution of grains under Targeted Public Distribution System (TPDS).
This post contains summary from Economic Survery Vol 2 . I also recommend heavily that you read this post Summary: Shanta Kumar Report FCI reform & Food security by Mrunal Bhai.
The HLC recommends total end-to-end computerization of the entire food management system, starting from procurement from farmers, to stocking, movement, and finally distribution through the TPDS.
The new face of the FCI will be akin to an agency for innovations in the food management system with the primary focus of creating competition in every segment of the foodgrain supply chain, from procurement to stocking to movement and finally distribution under the TPDS, so that overall costs of the system are substantially reduced and leakages plugged and it serves a larger number of farmers and consumers.
Ahead of the Union Budget on Saturday, FM Arun Jaitley tables Economic Survey 2015 report; economic growth in India seen at 8.5 pct in 2015-16 – indicating scope for big bang reforms.
As per the Economic Survey 2015 tabled in Parliament today, India must adhere to medium-term fiscal deficit target of 3 percent of the country’s gross domestic product (GDP).The government should ensure expenditure control to reduce fiscal deficit, the report suggests. (Read Full Report: Economic Survey)
The Finance Ministry of India presents the Economic Survey in the parliament every year, just before the Union Budget. It is the ministry’s view on the annual economic development of the country. A flagship annual document of the Ministry of Finance, Government of India, Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
This document is presented to both houses of Parliament during the Budget Session. It contains certain prescriptions that may find a place in the Union Budget which is presented a day or two later. It is authored by the Chief Economic Advisor in the Finance Ministry. There is no statutory obligation to present the document.
Download Links and content.
A. Government subsidises many commodities like rice, wheat, pulses, sugar, kerosene, LPG, naphtha, water, electricity, fertilizer etc The estimated direct fiscal cost of subsidies is about Rs 3.78 lakh crore or about 4.24 per cent of GDP.Prime Minister Narendra Modi recently stated that leakages in subsidies must be eliminated without reducing the subsidies themselves. Price subsidies are often regressive, meaning “a rich household benefits more from the subsidy than a poor household”. It gives the example of good, electricity and kerosene, to name a few, and explains how price subsidies distort and lead to leakages( leakages means that the intended beneficiaries do not receive the benefit).
Economic Survey says ‘JAM Trinity’ of Jan Dhan Yojana, Aadhaar and Mobile numbers should be linked effectively for better transfer of subsidies to the intended beneficiaries. JAM has potential to “wipe every tear from every eye” with direct transfer of benefits.
It says the JAM allows the state to offer this support to poor households in a targeted and less distorting way. There are many other benefits as we discussed in the class like fiscal savings etc.
The survey also made a case that Post Offices can fit into the Aadhaar linked benefits-transfer architecture.
India has the largest postal network in the world with over 1,55,015 Post Offices of which (89.76 percent) are in the rural areas.
“Similar to the mobile money framework, the Post Office (either as payment transmitter or a regular Bank) can seamlessly fit into the Aadhaar linked benefits-transfer architecture by applying for an IFSC code which will allow post offices to start seeding Aadhaar linked accounts,” it said.
1. Inflation has declined by over 6 percentage points since late 2013
2. Current Account Deficit down from a peak of 6.7% of GDP (in Q3, 2012-13) to an estimated 1% in 2014-15
3. Foreign portfolio flows have stabilized the rupee
4. After a nearly 12-quarter phase of deceleration, real GDP has been growing at 7.2% since 2013-14, based on the new growth estimates of the
5. Notwithstanding the new estimates, the balance of evidence suggests that India is a recovering, but not yet a surging economy
6. Going forward inflation is likely to remain in the 5-5.5% range, creating space for easing of monetary conditions.
7. Using the new estimate for 2014-15 as the base, GDP growth at constant market prices is expected to accelerate to between 8.1 and 8.5% in 2015-16.
8. Private investment must be the engine of long-run growth.
9. There is a case for reviving targeted public investment as an engine of growth in the short run to complement and crowd-in private investment
10. India faces an export challenge, reflected in the fact that the share of manufacturing and services exports in GDP has stagnated in the last five years.
11. India must adhere to the medium-term fiscal deficit target of 3 percent of GDP
12. India must move toward the golden rule of eliminating revenue deficits
13. Expenditure control with growth recovery and GST will ensure that medium-term targets are met
14. The quality of expenditure needs to be shifted from consumption to investment.
15. The direct fiscal cost of all the subsidies is roughly Rs. 378,000 crore or 4.2 percent of 2011-12 GDP.
16. 41% of PDS kerosene is lost as leakage and only 46% of the remaining 59% is consumed by poor
17. The JAM Number Trinity – Jan DhanYojana, Aadhaar, Mobile – can eliminate leakages and distortion
18. The stock of stalled projects stands at about 7% of GDP, accounted for mostly by the private sector.
19. Manufacturing and infrastructure account for most of the stalled projects.
20. This has weakened the balance sheets of the corporate sector and public sector banks,
21. Despite this, the stock market valuations of companies with stalled projects are quite robust, which is a puzzle
22. Expectation that the private sector will drive investment needs to be moderated
23. Public investment may need to step in to ramp up capital formation.
24. Indian banking balance sheet is suffering from ‘double financial repression’
25. Going forward, capital markets and bond-financing need to be given a boost.
26. Private sector banks did not partake in the biggest private-sector-fuelled growth episode in Indian history during 2005-2012
27. Econometric evidence suggests that the railways public investment multiplier — the effect of a Rs 1 increase in public investment in the railways on overall output — is around 5.
28. However, in the long run, the railways must be commercially viable and public support must be linked to railway reforms.
29. India has not one, not 29, but thousands of agricultural markets
30. APMCs levy multiple fees of substantial magnitude that are non-transparent
31. The Model APMC Act, 2003 could benefit from drawing upon the ‘Karnataka Model’
32. The key here is to remove the barriers that militate against the creation of choice for farmers and against the creation of marketing infrastructure by the private sector
I thank Sri Ram IAS and Financial Express for the data.
Mrunal has done it again and this time he has uploaded economic survey videos and he promised to update the articles too.The lectures are in Hindi but they are very much understandable,Please read the economic survey and for analysis watch his videos.
The following are the Mrunal Economic Survey 2014 Lectures . Will keep updated.
The Economic Survey 2013-14 has been tabled and following are the highlights of the document and if time permits a detailed analysis will be updated soon,chapter wise.
You can download the survey free from here Economic Survey 2013-14 .
Chapter 1: State of the Economy and Prospects
Chapter 2: Issues and Priorities
Chapter 3: Public Finance
Chapter 4: Prices and Monetary Management
CHAPTER 5: FINANCIAL INTERMEDIATION
Chapter 6: Balance of Payments
Chapter 7: International Trade
Chapter 8: Agriculture and Food Management
Chapter 9: Industrial Performance
Chapter 10: Services Sector
Chapter 11: Energy, Infrastructure and Communications
Chapter 12: Sustainable Development & Climate Change
Chapter 13: Human Development
India’s Human Development Rank and performance