Eco Survey gives positive outlook for steel, oil and gas sectors: Pradhan

The sector achieved a growth of 5.2 per cent during April-November period of the ongoing financial year as compared to 3.6 per cent in the year-ago period, it added

The Economic Survey 2019-20 points to increasing steel production and consumption and easing of crude prices, indicating positive outlook for steel and oil and gas sectors, Union minister Dharmendra Pradhan said on Friday.

The Economic Survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, said India produced 64.3 million tonnes (MT) of crude steel and 59.73 MT of finished steel during April-October 2019-20.

The sector achieved a growth of 5.2 per cent during April-November period of the ongoing financial year as compared to 3.6 per cent in the year-ago period, it added.

In a tweet, Petroleum & Natural Gas and Steel Minister Dharmendra Pradhan said, "#EconomicSurvey also points to increasing steel production and consumption, easing of crude prices all indicating positive outlook for steel and oil and gas sectors."

The National Infrastructure Pipeline of Rs 102 lakh crore will facilitate growth, create infra for future and ease lives of common citizens, he said in another tweet.

About 1.24 lakh new firms have been created in 2018, seeing a significant jump of 80 per cent from 70,000 firms in 2014. The survey highlights government's thrust on entrepreneurship and productivity growth, the minister said.

"#EconomicSurvey estimates that post 2015-16, average households has gained close to Rs 11,000 on average per year due to moderation in price in case of vegetarian Thali and a saving of Rs 12,000 on average per year in case of non-vegetarian Thali.

"The Thalinomics captures the Modi Government's relentless efforts to contain inflation to protect the poorest of the poor," he said.

Pradhan further said, "Marking a Shift from pro crony policies of the past driven by favoritism & rent seeking to the rule based transparent governance driven by competition & fair play has led to massive jump in Ease of Doing Business, new firm creation & driving wealth creation with inclusive growth."

He said despite short-term moderation in growth, Indian economy is poised for robust growth in the medium term, supported by strong fundamentals like narrow current account deficit, high foreign exchange reserves, robust foreign investment inflows, moderate inflation and fiscal discipline.

The survey highlights the government's reform focused approach and transparency in governance, he said, adding "Congratulations to the economists in @FinMinIndia for coming up with an insightful #EconomicSurvey 2019-20, capturing the economic policy reforms, and presenting a perspective into the future towards $5 Trillion Economy.