The economic survey ahead of the Budget 2018-2019, has given an idea about how much wealth the country would require for its infrastructure development. Going by the survey, India will be needing around $4.5 trillion for infrastructure development in the next 25 years, however, it may collect up-to $3.9 trillion only. Chief Economic Adviser Dr Arvind Subramanian on Monday briefed the media on Economic Survey 17-18 and said that major achievements this year gone are the launch of Goods & Services Tax, decisive tackling of Twin Balance Sheet challenge and validation of achievements and recognition of medium term prospects.
“Around $4.5 trillion worth of investments are required by India till 2040 to develop infrastructure to improve economic growth and community well being,” mentions a survey which was put forth by Finance Minister Arun Jaitley in Parliament. According to various reports and surveys, taking into the consideration of rising income level of the people of India, demand for infrastructure investment in India is likely to increase in coming two decades.
According to a report by a leading daily, the Global infrastructure outlook shows that the gap between required infrastructure investment and current trend of investment is expected to be widened over the years.” From the very 1st survey onwards we’ve spoken about the twin balance sheet challenges, under capitalised banks which held back growth for a very long time. This year a series of very important steps are being taken,” Arvind Subramanian, Chief Economic Adviser said.
The Economic Survey 2017-18 has predicted India’s Gross domestic product (GDP) growth to be between 7% and 7.5% in the financial year 2019. As per the survey tabled by the Finance minister, Arun Jaitley, average crude oil prices were seen rising at the rate of 12% in 2019. In the 3-day budget session, discussions will be held over the economic survey along with other important bills. The session will end on February 1, with Arun Jaitley presenting the Union budget of India.