As Finance Minister Nirmala Sitharaman tabled the Economic Survey 2018-19 in Parliament on Thursday, Chief Economic Advisor KV Subramanian, who prepared the survey, said that the survey makes a concerted effort for India to become a $5 trillion economy by 2025.
With shifting gears through a virtuous cycle as a key theme, the survey will be a key driver of investment cycle to fuel economic growth, he said.
In a press conference, he said, “In an uncertain world in which we all work, there are 3 key elements critical for ensuring that policies really help in reaching common people. First, a vision that has already been provided by the PM, of a 5 trillion dollar economy by 2024-25.”
He also lists out structural achievements in last five years saying that the economy is now poised for a takeoff. He also pointed out that Swachh Bharat has contributed to improved health outcomes in a very significant way.
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His team has created videos to explain the ideas behind the economic survey. These videos, in English and Hindi, are on YouTube.
“As the India economy started doing better, China started savings and investing more; India needs to learn from this and adopt a virtuous cycle,” he said, adding that Economic Survey 2019 argues for an ambitious agenda for social change, treating humans as humans, relying on the lessons offered by behavioural economics.
In the next two decades, we will be able to avail the benefits of demographic change, which will enable us to grow in a sustained manner at 8 per cent, he said.