Real GDP Growth Projected At 7% For 2019-20 In Economic Survey

Real GDP Growth Projected At 7% For 2019-20 In Economic Survey
Here are 10 things to know:
  1. 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. 
  2. However, both downside risks and upside prospects persist in 2019-20, it added.
  3. The performance of consumption will be crucial in deciding the growth path of economy.
  4. 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.
  5. 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. 
  6. As the flagship document of the finance ministry, the Economic Survey provides detailed statistical data covering all aspects of the economy.
  7. Prepared by Chief Economic Adviser Krishnamurthy Subramanian, today's Economic Survey is the first by the re-elected Narendra Modi government.
  8. The release of Economic Survey 2018-19 comes a day ahead of the presentation of Union Budget in Parliament.
  9. Typically, an Economic Survey provides a policy perspective for the Union Budget.
  10. 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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