Economic Survey 2018: Finance Minister Arun Jaitley tabled the Economic Survey on Monday, the first day of the budget session of parliament. The Economic Survey 2018 stated the major reforms undertaken over the past year by the Narendra Modi-led NDA government. It stated that the country’s real GDP growth will be 6.75 percent this fiscal year and will rise to 7.0 to 7.5 percent in 2018-19. This will reinstate India’s dominance as the world‘s fastest-growing major economy. However, the Economic Survey 2017-18 focused on three major topics: Employment, Education & Agriculture.
The Economic Survey stated that utmost priority to social infrastructures like education, health and social protection is given by the Modi Government to engineer an inclusive and sustainable growth for India. On the subject of Social Infrastructure, Employment and Human Development, bridging the gender gaps in education, skill development, employment, earnings and reducing social inequalities prevalent in the society have been the underlying goals of the development strategy to enhance human capabilities. The Survey noted that India is poised to grow as one of the leading knowledge economies where education, skill development and health will remain priorities for the government.
Another highlight for the government mentioned in the Economic Survey 2017-18 is agriculture. The survey mentioned that with growing rural to urban migration by men, there is “feminisation” of the agriculture sector, with increasing number of women in multiple roles as cultivators, entrepreneurs, and labourers. Globally, there is empirical evidence that women have a decisive role in ensuring food security and preserving local agro-biodiversity. Rural women are responsible for the integrated management and use of diverse natural resources to meet the daily household needs.
The economic survey 2018 also mentioned about promoting inclusive employment-intensive industry and building resilient infrastructure for economic development. Modi government has taken several sector-specific measures in this direction. The Economic Survey 2018 highlights that the Modi government has initiated sector-specific reforms in steel, apparel, leather and power sectors to address specific challenges associated with each of these sectors. Various reforms undertaken by the government over the last 3 years have been recognized by international rating agencies such as Moody‘s Investor Service and up-gradation in the ranking of Ease of Doing Business of the World Bank Report 2018, the Survey further adds.