Answer :

The Economic Survey is conducted to analyse economic development. It is presented by the Finance Ministry of India in the parliament. On February 27, 2015, Union Finance minister Arun Jaitley presented the economic survey 2014-15. The economy is expected to grow between 8.1 to 8.5. Industry and service sector will be consistent in its growth. Domestic demand was the main focus in the growth of 2014-2015 but subsidies failed to make an impact on the lives of the poor people.

According to the economic survey, India should focus on the fiscal digit target of 3%. Economic survey 2014-15 highlighted crucial information. Since 2013, there is over 6% decline in the inflation rate. It is estimated that account deficit is estimated to be 1 per cent in 2014-15 which was 6.7 per cent of GDP in 2012-13. For the long term development, private investment considered as the main focus. A shift is needed to be made from consumption to investment to improve the quality of expenditure. To transfer the financial resources to the poor without any corruption or leakages - JAM Number Trinity – Jan Dhan Yojana, Aadhaar, and Mobile will be used. India increased taxes on fossil fuels and reduced subsidies. It is estimated that food grain production of 2014-15 257.07 million tonnes (MT). The education system of India is highest with 713 universities, 36,739 colleges and 11,343 diploma-level institutions. Industrial production has to be improved with the help of the infrastructure sectors such as electricity, coal and cement.


To improve GDP growth, public investment in railways will be made. Lower export growth became the main concern. Balance is needed to be maintained between 'Make in India' and 'Skilling India'. The focus under ‘Make in India’ is made to develop the economy with the high level of productivity, to increase growth resources will be acquired from the rest of the country, technological development will be fulfilled, GST and direct benefit transfer could improve the condition. Initiation has to be made to create the National market for agriculture commodities under the Agricultural Produce Market Committee (APMC) Act. The focus is on to remove barriers created against the choices of farmers and marketing infrastructure by the private sector.


With the help of the comparison made between the economic survey of 2013 and 2014, many initiatives have been started to improve economic growth. Even though economic survey 2014-15 highlighted crucial details but projects like ‘Make in India’, Jan Dhan Yojana, Aadhaar, etc is also started to initiate economic growth. This eventually will lead to an increase in national income.


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