The Economic Survey on Thursday projected real Gross Domestic Product (GDP) for 2019-20 to be 7% on stable macroeconomic conditions but said prospects of export growth remain week.
Tabling the survey document in the Rajya Sabha, Finance Minister Nirmala Sitharaman said accommodative monetary policy is required to help cut real lending rates.
The MAJOR HIGHLIGHTS are-
– India to be $5 trillion economy by 2024-25
– Agriculture, forestry and fishing sectors growth slowed down to 2.9% in 2018-19 against the 5% a year earlier
– Industrial growth picked up to 6.9% in 2018-19 vs 5.9% a year earlier
– Services sector growth slowed down to 7.5% in 2018-19 against the 8.1% a year earlier
– General fiscal deficit seen at 5.8% in FY19 against 6.4% in FY18. The January to March slowdown was partly due to election-related uncertainty.
The investment rate seems to have bottomed out. The decline in non-performing assets should push up the capital expenditure cycle.
The government has been on a path of fiscal consolidation and discipline. At the same time, oil prices are expected to decline in 2019-20, said the Economic Survey for 2018-19.