Ten key takeaways from Economic Survey 2019-20
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Entrepreneurship & Wealth creation
The focus of the Survey was on wealth creation. According to the Survey, India ranks third in number of new firms created, as per the World Bank. New firm creation in India has increased dramatically since 2014. There has been a 12.2 % cumulative annual growth rate of new firms in the formal sector during 2014-18, compared to 3.8 % during 2006-2014. About 1.24 lakh new firms were created in 2018, an increase of about 80 % from 70,000 in 2014. The survey examines the content and drivers of entrepreneurial activity at the bottom of the administrative pyramid - over 500 districts in India.