Economic Survey 2018-19 - Business Connect Magazine

“The writer is an explorer. Every step is an advance into a new land”, once quoted by an idealist turned transcendentalist John Waldo Emerson, carries a feeling of importance of self-expression of an author with special emphasis on repetitive research to create something worth reading. Literature, having multi-layered medium of deliberations, teaches us to be cautious and mindful while creating a piece for readers. Can economics as a subject and economic-essayists be so appealing in terms of articulation? The orthodox answer is ‘No’. But the magnificence assertion of core financial matters and economic jargons with simplicity, artistic expression and well researched examples got a new dimension with the publication of Economic Survey 2018-19. It was not only an extraordinary display of deep-rooted data analysis but also a consolidation of prevailing and foreseeable economic issues that the readers can unriddle at ease while reading between the lines.

CEA Krishnamurthy V. Subramanian, in his maiden effort to showcase the consolidated health of Indian economy, had not only focussed on the key driving forces and indicators but he ensured the inclusion of much sought after socio-economic aspects starting from the consideration of behavioural economics and MSME sector to the special mention of redesigning minimum wage and implication of technology in welfare schemes. His dissertation on ‘policy uncertainty’ and its effect on investment needs a special mention due to its applicability in the present scenario where India is targeting a sustainable 8% real growth rate and planning to become a 5 trillion dollar economy by 2024-25. Taking cue from the perennial importance of policy stability in investment environment and subsequently on savings, employment and growth, it is ascertained that policy uncertainty may hurt the economic sentiment to a great extent.