THE GOAL: Economic Survey predicts 7 % growth, but 8% growth is needed to touch $5 trillion threshold in 5 years.
CHALLENGES AHEAD: But, in the coming months, challenges on fiscal front will surface following economic slowdown which is expected to impact tax collections amid rising state expenditure on farm sector.
MORE CHALLENGES: These include oil prices after Iran sanctions, below-target revenue from the Goods and Services Tax and sourcing funds for big schemes like healthcare.
GROWTH DRIVER: The emphasis in the Survey is on fiscal consolidation and fiscal discipline and investments, especially private investments, as key driver of growth, capacity and labour productivity.
JOB BLUEPRINT: Survey contains blueprint for growth and jobs for the coming five years and has flagged policies for micro, small and medium enterprises.
INCREASING LIFE SPAN: There is a demographic change as the longevity of people is increasing; so, in view of the changing matrix, a rethink is needed on retirement age, says the chief economic advisor.
MINIMUM WAGES: One in three workers not covered. Minimum wages should cover all and be fixed for unskilled, semi-skilled, skilled and highly skilled.
behavioural NUDGE: Survey also advises using insights from behavioural economics to create an aspirational agenda for social change. This can be achieved by changing gears and emphasis.
GANDHIAN MAXIM: Roadmap to the 5 trillion dollar economy inspired by Gandhi’s maxim: Think about the poor-est person, the common man
