Parliament Live: Real GDP Growth Projected At 7% For 2019-20 In Economic Survey

Parliament

New Delhi,July 4 : A day ahead of the union budget 2019, Finance Minister Nirmala Sitharaman tabled Modi 2.0 government’s first economic survey in Parliament, projecting the state of health of the country’s economy and outlining the challenges. GDP or gross domestic product growth is projected to grow 7 per cent in financial year 2019-20, according to the Economic Survey.

Economic Survey live updates:

To become a $5 trillion economy by 2025, India need to sustain a GDP growth rate of 8%

General fiscal deficit seen at 5.8% in FY19 against 6.4% in FY18.

The growth projection is higher than a five-year low economic growth of 6.8 per cent for the year ended March 31.

The real GDP growth projection reflects a recovery in the economy after a deceleration in the growth momentum in 2018-19. Growth is expected to pick up in 2019-20 as macroeconomic conditions continue to be stable while structural reforms initiated in the previous few years are continuing on course, the Economic Survey said.

However, both downside risks and upside prospects persist in 2019-20, it added.

The performance of consumption will be crucial in deciding the growth path of economy.
Rural wages growth which was declining seems to have bottomed out and has started to increase since mid-2018. Further growth in rural wages should help spur rural demand.

Investment rate, which was declining from 2011-12 seems to have bottomed out, is expected to pick up further in the year 2019-20 on the back of higher credit growth, said the Economic Survey.

As the flagship document of the finance ministry, the Economic Survey provides detailed statistical data covering all aspects of the economy.

The government stood by its path of fiscal consolidation in financial year 2018-19, stated the Economic Survey, which expects the general fiscal deficit at 5.8 per cent in 2018-19 as against 6.4 per cent in 2017-18.

The release of Economic Survey 2018-19 comes a day ahead of the presentation of Union Budget in Parliament.

Typically, an Economic Survey provides a policy perspective for the Union Budget.
In January-March, annual growth slumped to 5.8 per cent, the slowest pace in 20 quarters. Growth for the financial year that ended in March was 6.8 per cent, also a five-year low, and indicators such as plummeting industrial output and automobile sales have stoked fears of a deeper slowdown.

The real GDP growth projection for 2019-20 reflects a recovery in the economy after a deceleration in the growth momentum in 2018-19, the Economic Survey said. However, both downside risks and upside prospects persist in 2019-20, it added.

The survey prepared by Chief Economic Adviser Krishnamurthy Subramanian will highlight the challenges that the economy will face in its pursuit to become the world’s fifth largest economy and NDA’s aim of doubling the size of India’s economy to USD 5 trillion by 2024.

Krishnamurthy Subramanian, Chief Economic Adviser (CEA) on Economic Survey said, ” Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to the ideas for the economy. I hope the almighty blesses us.

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