He also said it will be only investment and not consumption that will help the economy grow
On the merger in the public sector banks, Subramanian said they are being done based on synergies, and policy is to exploit economies of scale
Finance ministry officials said the government could raise about 10-15% of proposed Rs 7.1 trillion government borrowings this fiscal year through sovereign bonds
The revised fiscal glide path, as per the Survey released on Thursday, envisages achieving fiscal deficit of 3 per cent of GDP by FY 2020-21
Non-tax revenues have the potential to expand and make up for the revenue shortfall, said CEA Krishnamurthy Subramanian
Former CEA Arvind Subramanian in his research paper last month mentioned that India's growth rate between 2011-12 and 2016-17 was overestimated
The Eco Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves ahead of Union Budget 2019
As per the Survey, no major labour reforms were initiated by the states in between the years 2007 and 2014
The survey said India has the potential for $30 billion annual investment in renewables in next decade and even beyond that in view of its ambitious target of having 175 GW of clean energy by 2022
Retail inflation during the first month of the current fiscal stood at 2.9 per cent, down from 4.6 per cent a year ago
The projection comes a day before the government is due to unveil its budget for the 2019/20 year.
The Survey, however, cautions that the country might face a challenge from an economic slowdown impacting tax collections amid rising state expenditure on the farm sector
Real gross domestic product growth for the fiscal year started April 1 is projected at 7%, the Finance Ministry said in its annual Economic Survey report
In January-March, annual growth slumped to 5.8%, the slowest pace in 20 quarters.
Sources said Krishnamurthy Subramanian, the Chief Economic Advisor, may try to give not-to-common ideas on these key indices which are facing challenges
The government should work on the three factors of production, which are capital, land and labour, says CEA Subramanian