FY21 GDP growth seen At 6-6.5%: Economic Survey
Union Finance Minister Nirmala Sitharaman will present the first full budget of the Modi government on Saturday, February 1
Mumbai: The Economic Survey for FY 2020-21 tabled by Finance Minister Nirmala Sitharaman is expected to grow between 6-6.5% of the Indian economy. For the current fiscal year, the Indian economy is expected to grow at 5%.
The development, however, marks a sharp decline from the estimate of 7% growth as was predicted by the Economic Survey last year. For the next financial year, i.e. between April 1, 2020-March 31, 2021, the Survey projected a GDP growth rate of 6-6.5%.
The Economic Survey also pointed out that the rate of inflation has come down from 3.2% in April 2019 to 2.6% in December 2019, thus, in the words of the survey, ‘reflecting the weakening of demand pressure in the economy.
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The survey also estimated that private investment may be crowded if the government spends more on infrastructure. It also said that there is room to rationalize subsidies, particularly food.
For real estate companies, it is suggested that they invent their own unheard-of in order to cut their house prices. It was further speculated that global trade tensions could affect India’s exports.
Also Read; Budget 2020: Session Will Be Focussed On Economic Issues: PM Narendra Modi
The budget session of Parliament began with President Ram Nath Kovind addressing the MPs. It will run in two phases till April 3. While phase one will be from January 31-February 11, phase two will take place between March 2-April 3.
Union Finance Minister Nirmala Sitharaman will present the first full budget of the Modi government on Saturday, February 1.
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