Economic Survey 2015 - Economic Outlook, Prospects, and Policy Challenges

• India has reached a sweet spot—rare in the history of nations—in which it could finally be launched on a double-digit medium-term growth trajectory.
• This will allow removing poverty, creating more jobs, high quality education and health services to people.
• Economic Survey focuses on the two broad themes - creating opportunity and reducing vulnerability
• India needs to follow what might be called "a persistent, encompassing, and creative incrementalism"
• but with bold steps in a few areas that signal a decisive departure from the past and that are aimed at addressing key problems such as ramping up investment, rationalizing subsidies, creating a competitive, predictable, and clean tax policy environment, and accelerating disinvestment.
• In the short run, growth will receive a boost from lower oil prices, from likely monetary policy easing facilitated by lower inflation and lower inflationary expectations, and forecasts of a normal monsoon.

 Reform Actions of New Government

• Deregulating diesel prices. 
• Raising gas prices from US $ 4.2 per million British thermal unit to US $ 5.6, and linking pricing, transparently and automatically, to international prices so as to provide incentives for greater gas supply and thereby relieving the power sector bottlenecks.
• Taxing energy products. To have positive environmental consequences. 
• Replacing cooking gas subsidy by Direct Benefit Transfer Scheme.
• Instituting the   Expenditure Management Commission, which has submitted its interim report for rationalizing expenditures
• Pradhan Mantri Jan Dhan Yojana
• Aadhaar linked bank accounts - financial inclusion.
• Inreasing FDI caps in defence. 
• Eliminating quantitative restriction on gold.