The Economic Survey tabled in the Lok Sabha took the changed growth computation method forward and said that growth rate of over 8% is expected in the coming year. Citing the change in the base year made by the Central Statistics Office (CSO), growth rate at market prices for 2015-16 is expected to be between 8.1-8.5%. The survey said, "The Economic Survey 2014-15 presented by the Finance Minister Shri Arun Jaitley to the Parliament today indicates that a clear political mandate for reform and a benign external environment now is expected to propel India on to a double digit trajectory.  It states that Indian economy appears to have now gone past the economic slowdown, persistent inflation, elevated fiscal deficit, slackening domestic demand, external account imbalances and oscillating value of the rupee."

• The Survey has "urged" the government to aim at bringing down it's fiscal deficit down to 3% of GDP.

• Price subsidies, which are estimated to be about 3,78,000 crore rupees, about 4.24% of GDP, reveal that they may not be the government’s best weapon for fighting poverty.

• Growth in exports is projected to be only 0.9%.

• Decline in household physical savings has caused a decline in gross domestic savings to 30.6% in 2013-14 from 31.8% in 2012-13.

• Private sector investments must remain the primary engine for growth in the long run, public investment, especially in railways

The survey said that the high growth rate is because of the reforms taken forward, like deregulation of diesel prices, taxing energy products, replacing cooking gas subsidy by direct transfer, etc, by the government led by Prime Minister Narendra Modi.

By Premji