Economic Survey 2019 provisionally estimates 2.9 percent growth rate for the agriculture, forestry and fishing sectors in FY20.Survey projects 283.4 million tons of food grains production for 2018-19. Survey has highlighted the potential of data of societal interest, says data should be “of the people, by the people, for the people”. It has noted: Society’s consumption of data is higher than ever Marginal cost of data is decreasing while marginal benefits of its usage is increasing Utilising the rich repository of government data can have limitless applications As data of societal interest is generated by the people, it should be “of the people, by the people, for the people” Data can be created by government as a public good within the legal framework of data privacy.
Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament, which will project the state of health of the country’s economy and outline the challenges before Union Budget 2019 is presented in the House tomorrow.
The economic survey 2019 prepared by Chief Economic Adviser Krishnamurthy Subramanian reviews the development in the economy over the past 12 months. “Our team has put in a lot of effort. I hope that the ideas are good and contribute to the economy,” Subramanian said just hours ahead of the reveal.
In terms of the trade deficit, the Economic Survey says that the account deficit has increased from 1.9 percent of GDP in 2017-18 to 2.6 percent in April-December 2018. The survey says that the widening of the CAD was largely on account of a higher trade deficit driven by a rise in international crude oil prices.