The economic slowdown may finally release its grip through the Survey, predicts India’s growth rate in the range of 6-6.5 percent in Financial Year 2021
New Delhi: Union Finance Minister Nirmala Sitharaman is all set to table the Economic Survey in Parliament on Friday, a day ahead of the Budget on Saturday. Prime Minister Narendra Modi is likely to address the media outside Parliament followed by the President’s speech. Later on, CEA Dr. Krishnamurthy V Subramanian will also address a press conference at 1.45 pm.
The economic slowdown may finally release its grip through the Survey, predicts India’s growth rate in the range of 6-6.5 percent in Financial Year 2021.
For 2020, the survey forecasts India’s gross domestic product (GDP) to grow at five percent which is the slowest pace in 11 years — against the earlier estimate of 7 percent in July 2019.
The Survey document, which maps the state of India’s economy and is prepared by a team of economists based in India’s finance ministry, believes that the downward slide in the nation’s GDP has bottomed out. The broad theme in the 2020 economic survey is “Wealth Creation” and spells out 10 new ideas to achieve this, they said.
In the July-September quarter annual economic growth slowed to 4.5 percent, the weakest pace since 2013, owing to weakening demand and private investment. Earlier in the present month, the ministry of statistics said in a statement that GDP is estimated to grow 5.0 percent in 2019-20, slower than the 6.8 percent growth of 2018-19.
The economic slowdown has put pressure on the central government to expedite reforms as five rate cuts by Reserve Bank of India which have hardly helped. It will also likely push finance minister Nirmala Sitharaman to go for extra fiscal stimulus when she will present the annual budget on Saturday.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
