The Economic Survey 2020 was tabled in the Parliament on Friday, a day ahead of the presentation of the Union Budget 2020. The survey has forecast India's GDP growth for the fiscal year 2020-21 in the range of 6 percent-6.5 percent and for FY20 at 5 percent.
The Indian economic growth is expected to pick up in the second half of FY20 and a strong rebound could be seen in FY21 on a low base,
according to the document.
Easing of monetary policy by the Reserve Bank of India and several measures announced by the government in the last year present green shoots for growth in H2FY20 and FY21, noted the document.
"The government must use its strong mandate to deliver expeditiously on reforms, which will enable the economy to rebound in 2020-21," added the document.
It also said that intervention by the government, though well-intended, often ends up undermining the ability of markets to create wealth and leads to outcomes that are the opposite of the intentions.
The survey was prepared by Chief Economic Advisor Krishnamurthy Subramanian with inputs from a number of experts that included FM Nirmala Sitharaman, Anurag Singh Thakur, Minister of State for Finance and Subhash Chandra Garg.
Here are the key people who helped in preparing the Economic Survey 2020:
Finance Minister Nirmala Sitharaman
Sitharaman is India's first full-time female finance minister. Sitharaman is all set to present her second budget on Saturday amid growing economic challenges such as a massive fall in India's GDP growth, high unemployment, declining savings and a slump in consumption. She has earlier served as the Minister of Defence and the Minister of Commerce and Industry.
Chief Economic Advisor Krishnamurthy Subramanian
The Economic Survey has been prepared by Chief Economic Advisor Krishnamurthy Subramanian with the help of other team members. Subramanian was appointed to the position on December 7, 2018.
Previously, Subramanian has been a part of expert committees for Securities and Exchange Board of India and the Reserve Bank of India and played a crucial role in major economic and corporate reforms in India.
Earlier, he was also associated with JPMorgan Chase, ICICI Bank and Tata Consultancy Services.
An alumnus of IIT-Kanpur, Subramanian holds a Master of Business Administration and PhD in financial economics from Booth School of Business, University of Chicago.
Minister of State for Finance Anurag Singh Thakur
Thakur was appointed as Minister of State for Finance in May 2019 after the Modi government came to power for the second time after a thumping victory. Thakur has been an MP from Hamirpur in Himachal Pradesh since 2008. Earlier, He also served as the president of the Board of Control for Cricket in India (BCCI).
Subhash Chandra Garg
A 1983 batch IAS officer, Subhash Chandra Garg, is former Finance Secretary and Economic Affairs Secretary of India. Garg earlier served as an Executive Director in the World Bank. Garg held various key positions for the central government and Rajasthan government. After being transferred to power ministry last year, Garg resigned.
Garg holds graduate degrees in Law and Commerce from Rajasthan University.
As revenue secretary, Ajay Bhushan Pandey is currently responsible for raising resources at a time when revenue collection is seen slipping amid a massive economic slowdown in the country. Pandey is likely to influence the decision taken in Union Budget 2020 with regards to the Direct Tax Code, if any. Pandey is a 1984 batch IAS officer from Maharashtra cadre. Pandey too is an IIT-Kanpur graduate.
Revenue secretary Ajay Bhushan Pandey