"The deceleration in GDP growth can be understood within the framework of a slowing cycle of growth with the financial sector acting as a drag on the real sector," it said.
"The government must use its strong mandate to deliver expeditiously on reforms, which will enable the economy to strongly rebound in 2020-21," it said.
The two-volume Survey this year has been printed in lavender colour - the same as the colour of the new 100 rupee currency note, the oldest currency note in circulation in the country.
The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect.
The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.
For boosting growth, it called for new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.
To further make it easier to do business, the Survey called for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.
It also called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.
Economic Survey advocates 10 new ideas that benefit markets as well as the economy.