Real GDP Growth Projected At 7% For 2019-20 In Economic Survey
- The growth in economy is expected to pick up in 2019-20 as macroeconomic conditions continue to be stable while structural reforms initiated in the previous few years are continuing on course, the Economic Survey said.
- However, both downside risks and upside prospects persist in 2019-20, it added.
- The performance of consumption will be crucial in deciding the growth path of economy.
- Rural wages growth which was declining seems to have bottomed out and has started to increase since mid-2018. Further growth in rural wages should help spur rural demand.
- Investment rate, which was declining from 2011-12 seems to have bottomed out, is expected to pick up further in the year 2019-20 on the back of higher credit growth, said the Economic Survey.
- As the flagship document of the finance ministry, the Economic Survey provides detailed statistical data covering all aspects of the economy.
- Prepared by Chief Economic Adviser Krishnamurthy Subramanian, today's Economic Survey is the first by the re-elected Narendra Modi government.
- The release of Economic Survey 2018-19 comes a day ahead of the presentation of Union Budget in Parliament.
- Typically, an Economic Survey provides a policy perspective for the Union Budget.
- In January-March, annual growth slumped to 5.8 per cent, the slowest pace in 20 quarters. Growth for the financial year that ended in March was 6.8 per cent, also a five-year low, and indicators such as plummeting industrial output and automobile sales have stoked fears of a deeper slowdown.
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