Economic survey may forecast 2020-21 growth at 6%-6.5%: Report
The Economic Survey 2019-20 may forecast growth at 6 per cent to 6.5 per cent for the next fiscal starting April 1, 2020. The projection will take in to account all the fiscal measures that will be announced by the government tomorrow in the Union Budget 2020-21, according to Reuters.
It may be noted that growth in India slipped to a dismal 4.5 per cent in the July-September quarter, but economists suggest that growth will marginally improve in the upcoming quarter.
Growth is likely to improve further as Finance Minister Nirmala Sitharaman is expected to announce several fresh measures to tackle economic slowdown.
Economic Survey 2020: When and where to watch
While the government is certainly missing its fiscal deficit target, economists have urged the Finance Ministry to focus on spending more in key sectors apart from providing income tax relief to beat demand slowdown.
While it remains to be seen whether Sitharaman’s budget can accommodate all remedial measures, the government has already released estimates which have pegged GDP growth in 2019-20 at 5 per cent.
It will be the slowest rate of growth for India since the financial crisis of 2008-09.
However, the government is confident that recent measures and the ones to be announced tomorrow during Union Budget 2020-21 will help the country recover from the economic slump triggered by demand slowdown.
Meanwhile, Chief Economic Adviser Krishnamurthy Subramanian will present the official Economic Survey 2019-20 later in the day. It will detail all major economic policies, roadmaps and performance of key policies of the government during the current fiscal.
(this content is taken from https://www.indiatoday.in/ for knowledge basis and for news updates)