Easing of inflation, and improvement in fiscal and current account deficits should improve growth prospects this fiscal and the next, the Survey said.
The Economic Survey estimates the economy to grow 5.4-5.9 percent this fiscal, while listing poor monsoon, unfavourable investment climate and weak global growth as the key risks. It said that the economy can get back on the 7-8 percent growth track only after FY16.
Easing of inflation, and improvement in fiscal and current account deficits should improve growth prospects this fiscal and the next, the Survey said.
In additionnment should give priority to simplification of tax policy, repeal of archaic laws governing market access, expansion and entry/exit of firms and revamp of the dispute resolution mechanism for commercial disputes to lend greater predictability to policy; boost to physical infrastructure; and, reforms that enhance productivity in agriculture, the Survey said.
It also mentioned that the government should try and capitalize on its demographic dividend before it was too late, as this was also key boosting GDP growth.
"India with a large and young population has a great demographic advantage. While this provides opportunities, it also poses challenges. Policy makers have to design and execute development strategies that target this large young population," the Survey said.
"Demographic advantage is unlikely to last indefinitely. Therefore timely action to make people healthy, educated and adequately skilled is of paramount importance," the Survey said.
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