The Economic Survey 2019 was tabled in Parliament today. The Economic Survey expects Indias gross domestic product (GDP) to grow at seven per cent for financial year 2019-20. The GDP growth rate for the previous fiscal was 6.8 per cent.
It put the general fiscal deficit at 5.8 per cent for 2018-19 against 6.4 per cent in 2017-18. At 5.8 per cent, the fiscal deficit is up from revised budget estimate of 3.4 per cent and a cause of concern for the government.
The Economic Survey referred to Prime Minister Narendra Modi’s stated target of making India a $5 trillion economy by 2025 and said that to achieve the target, the country needs to grow at eight percent.
The GDP growth rate has remained below that mark for some time now. The survey said fall in nominal GDP growth rate has been due to problems faced by manufacturing sector.
The Economic Survey has said that decline in the non-performing assets (NPAs) should help push the capital expenditure cycle.
Key pointers from Economic Survey
Source - INDIATODAY