Economic Survey : China’s Formula to Create 40 Million Jobs in 5 Years, Presumption of Increase in GDP Growth from 6% to 6.5%

New Delhi: Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament on Friday. The survey, prepared by Chief Economic Advisor Krishnamurthy Subramanian, suggested the Chinese formula to give 4 crore jobs to the government in 5 years. The survey said that focusing on employment and export involving ‘Assembling in India for the World’ in the Make in India India campaign, can provide 4 crore well-paid jobs by 2025 and 8 crore jobs by 2030. It will also make it possible to accelerate to an economy target of $5 trillion. Regarding the economic growth rate, it is estimated that GDP growth can reach 6 – 6.5% in the coming financial year (2020-21).

The growth rate is estimated to be 5% in the current financial year (2019-20). It will be the lowest in 11 years. The survey says that due to weakness in global growth, India is also being affected. Growth in the current financial year also declined due to lack of investment due to financial sector problems. However, the fall that had to come is already done. Growth is expected to increase from the next financial year.

First phase of the budget session will run till 11 February
Finance Minister Nirmala Sitharaman will present the general budget on Saturday. The facts of the Economic Survey are taken into consideration in the budget. But, it is not necessary that the economic survey should be reflected in the budget. The budget session has started from today. The first phase of the budget session will run till 11 February. The second phase will start from March 2 to April 3.