The Economic Survey presented in parliament today projected India’s economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1, saying growth has bottomed out. The growth in 2020-21 compares to a projected 5 per cent expansion in 2019-20.
AMN / NEW DELHI
KEY HIGHLIGHTS OF ECONOMIC SURVEY 2019-20
| It has put current fiscal growth at five per cent and said the fiscal deficit target for current fiscal may need to be relaxed to revive growth. Finance Minister Nirmala Sitharaman today tabled Economic Survey in both the houses of Parliament. The survey called for more reforms for making it easier to do business in country. The survey said for India to achieve a five trillion US dollar economy depends on promoting pro-business policies, strengthening the invisible hand of the market and ease of doing business. The survey has given emphasis on entrepreneurship and Wealth Creation at the Grassroots. It said, about 1.24 lakh new firms were created in 2018, which is an increase of about 80 per cent from about 70,000 in 2014. Talking about Creation of Jobs and boosting growth, the Survey said, India has unprecedented opportunity to chart a China-like labour-intensive, export trajectory. The survey emphasizes on creating jobs anf growth by specialization in network products. It said, the industrial sector as per Index of Industrial Production registered a growth of 0.6 per cent in 2019-20 (April-November) as compared to 5.0 per cent during 2018-19 (April-November). |
Weak global growth impacting India as well as investment slowdown due to financial sector issues had led to growth dropping to a decade low in current fiscal, it said, adding 5 per cent growth projected for 2019-20 is the lowest it could fall for now.
Growth slipped to 4.5 per cent in the July-September quarter.
The Survey this year has been printed in lavender colour — the same as the colour of the new Rs 100 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.