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The Economic Survey 2014–15, the flagship annual document of the Ministry of Finance, Government of India, reviews the developments in India's economy over the previous 12 months, summarizes and assesses the major policy initiatives and programs, and discusses the economic prospects in the short to medium term.
The Survey, authored by Chief Economic Advisor, Arvind Subramanian, and presented in parliament by Arun Jaitley, Finance Minister, listed four factors for higher growth: policy shifts by the Government that have stabilized the macro-economic situation, declining oil prices, monetary easing due to lower inflation, and a normal monsoon season. Though the Budget is essentially a Statement of Account of public finances, it pro-vides an indication of the direction and pace of India's economic trajectory.
The Survey, which sets the tone for the Budget, sent the stock market surging, with the Sensex closing 473 points up on expectations of a business- friendly environment. In his first full-year Budget since Prime Minister Narendra Modi's victory last May, Mr. Jaitley said, "The world is predicting that it is India's chance to fly." He indicated that the current account deficit for the year is expected to be below 1.3 percent of the GDP, and real GDP growth is expected to accelerate to 7.4 percent, making India the fastest- growing large economy in the world. The Budget proposals lay out the roadmap for accelerating growth, enhancing investment, and passing on the benefit of the growth process to India's citizens.
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Keywords: India, Budget, Cement, Economic Survey, Electric Power, Government, Industry Trends, Metals & Mining, Oil & Gas, Pharmaceutical, ARC Advisory Group.