Reportedly India's economy is as diverse as its vast demography, making it unfeasible for a single document to list all aspects related to development and growth. Past Economic Surveys have tried presenting a holistic outlook of the economy through categorised themes but failed to focus on one key aspect. Meanwhile the Economic survey 2019-20 has managed to hit the bullseye by focusing on wealth creation--the key dilemma that plagues three-fourths of India's billion-plus population.
Furthermore the fact that government is acknowledging the importance of wealth creation is also a good indication for citizens and businesses in the country. Focus on wealth creation could result in further opening up of India's economy and make the economic recovery a less daunting task. Perhaps as wealth creation happens by design, the overarching theme of Economic survey 2019-20 is wealth creation and the policy choices that enable the same. At its core, policies seek to maximize social welfare under a set of resource constraints".
When highlighting the economic liberalisation of 1991, the Economic survey said it had a huge impact on enhancing wealth both in aggregate and within sectors. For instance, credit expanded in the banking sector post liberalisation after the sector was opened for competition through licences granted to private sector banks. It said "As competition expanded the banking choices available to citizens, the sector experienced strong growth". Moreover the Economic survey 2019-20 suggests taking up new measures (and follow some old ones) for further enhancement in wealth creation. For instance, the pre-budget survey stresses on creating equal opportunities for all individuals, small and large-scale businesses in the country.
