scorecardresearch
Monday, Jan 30, 2023
Advertisement

Economic Survey 2020 projects GDP growth at 6-6.5% in FY21

The Economic Survey 2020, prepared by Chief Economic Advisor Dr Krishnamurthy Subramanian, was tabled by Union Finance Minister Nirmala Sitharaman in Parliament Friday.

Economic Survey 2020 projects GDP growth at 6-6.5% in FY21 CEA Dr Krishnamurthy Subramanian. (Express File Photo: Gajendra Yadav)

The Economic Survey 2020 projected an economic growth of 6 to 6.5 per cent in the fiscal year starting April 1. The survey, prepared by Chief Economic Advisor Dr Krishnamurthy Subramanian, was tabled by Union Finance Minister Nirmala Sitharaman in Parliament Friday.

The survey put current fiscal growth at 5 per cent. Subramanian has said the fiscal deficit target for the current fiscal may need to be relaxed to revive growth. Read in Bangla, Malayalam

“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,” the survey said.

For boosting growth, the Subramanian-drafted survey called for new ideas for manufacturing such as ‘assemble in India for the world’ which will ensure more jobs. 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.

Subscriber Only Stories
Delhi confidential: Focus On Projects
Gandhi to Tagore: At old St Stephen’s campus, a glimpse into remnants of ...
Undoing social discrimination, exclusion of transgender persons — through...
Report: 165 death penalties by trial courts in 2022, most since 2000

The survey also stated that inflation has seen a decline from 3.2 per cent in April 2019 to 2.6 per cent in December 2019, reflecting what it said was the weakening of demand pressure in the economy.

The survey further said government interventions seem to be ineffective in stabilising prices of commodities.

India, currently facing its worst economic slowdown in a decade, has seen growth slip to 4.5 per cent in the July-September quarter. This at a time when millions of youth are entering the workforce each year.

With PTI inputs

Advertisement

📢 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

First published on: 31-01-2020 at 13:12 IST
Next Story

Thappad trailer: Taapsee Pannu and director Anubhav Sinha take on domestic violence

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement
close