Economic survey said India need 8% GDP to reach 4 trillion dollar by 2015

Following are the highlights of the Economic Survey 2018-19 tabled in Parliament Thursday:
      GDP growth pegged at 7 pc in 2019-20, up from 6.8 pc last fiscal
      Growth in current fiscal to be driven by investment, consumption
      Sustained 8 pc growth needed to become a USD 5-trillion economy by 2024-25
      Huge political mandate augurs well for growth prospects
      Investment is the "key driver" of simultaneous growth in demand, jobs, exports & productivity
      Green shoots in investment, visible pick-up in credit growth seen
      Crude oil prices to decline in 2019-20, to push consumption
      General government fiscal deficit seen at 5.8 pc in 2018-19, against 6.4 per cent last fiscal
      Projects imports to grow at 15.4 pc, exports at 12.5 pc for 2018-19 
      Projects 283.4 million tonne of foodgrain production in 2018-19
      Foreign exchange reserves at USD 422.2 billion in June 2019
      Suggests policies to unshackle MSMEs to grow, create jobs and enhance productivity 
      Calls for reorienting policies to promote young firms which have the potential to become big, rather than small MSME firms which remain small
      Flags need to prepare for ageing of the population; this necessitates more healthcare investment, increasing retirement age in a phased manner 
      Highlights the immense potential of data of societal interest, says data should be "of the people, by the people, for the people"
      Legal reform, policy consistency, efficient labour markets and use of technology focus areas
      Contract enforcement biggest constraint to improve Ease of Doing Business ranking; much of the problem is concentrated in the lower courts 
      Low pay and wage inequality remain serious obstacles towards achieving inclusive growth. 
      Policy changes needed to lower overall lifetime ownership costs and make electric vehicles an attractive alternative to conventional vehicles  
     Survey recommends harmonised overarching National Policy on Resource Efficiency. 

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