Sunday, January 17, 2021

Indian Finance Ministry Forecasts 7% Growth Rate For 2019-20

The Indian Government has projected the economy to grow at 7% during the current fiscal year 2019-20 according to the Economic Survey conducted by the Ministry of Finance. The Indian Finance Ministry prepares and presents the Economic Survey before the Parliament a day before the National Budget.

“Real Gross Domestic Product (GDP) growth for the year 2019-20 is projected at 7 per cent reflecting a recovery in the economy after a deceleration in the growth momentum throughout 2018-19,” said Nirmala Sitharaman, Finance Minister while presenting the Survey.

The Economic Survey also outlined that India will be facing a major challenge fiscally because of the economic slowdown.

The Chief Economic Advisor K Subramanian commented that the theme of the survey is to enable, accelerate and sustain a real GDP growth rate of 8% and achieve the vision of 5 million USD economy.

The survey suggested that the country needs to grow at 8% per annum to achieve the status of 5 million USD economy by the financial year 2025. The country remains to be one of the fastest growing economies of the world. The Survey also added that the biggest challenge for the Indian industries would be to engage and integrate private investments with the Public Sector.

Economists and industrialists alike have found the Economic Survey useful and efficient in its predictions. Economist Aditya Jain of Kalpataru Multipliers commented that the GDP growth of 7% is realistic and that a boost to revive the economy is much needed.

NITI Aayog Vice Chairman, Rajiv Kumar has lauded the Economic Survey of 2019 and appreciated the government’s resolve to maintain and advance fiscal stability and growth.
“The Economic Survey 2019 reflects the government’s resolve to maintain fiscal stability while pushing up GDP growth rates by measures to accelerate private investment. It provides a comprehensive and clear picture of economic trends and challenges ahead,” Kumar said.

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