Economic growth will recover from 6 to 6.5% in the next fiscal year: Economic study
NEW DELHI: On Friday, it projected India's economic growth at 6 percent to 6.5 percent in the next financial year beginning April 1, saying that growth has hit bottom.
Growth in 2020-21 is compared to a projected 5% expansion in 2019-20.
The weak global growth that affects India, as well as the slowdown in investment due to financial sector problems, have led to growth falling to a low decade in the current fiscal, he said, adding that the projected growth of 5 percent for 2019-20 it is the lowest that could fall for now.
Growth fell to 4.5 percent in the July-September quarter.
This year's Survey was printed in lavender, just like the color of the new 100 rupee bill, the oldest currency bill in circulation in the country.
The Pre-Budget Survey said that to distribute wealth, one must first create and be asked to look at the creators of wealth with respect.
The Survey said that government interventions appear to be ineffective in stabilizing prices of commodities such as onions.
To boost growth, he asked for new ideas for manufacturing, such as meeting in India for the world, which will create jobs.
To further facilitate business, the Survey requested eliminating bureaucracy in ports to promote exports, as well as measures to facilitate business start-up, register properties, pay taxes and enforce contracts.
He also called for improving governance in public sector banks and the need for greater information disclosure to build trust. He also talks about dwarfism in the banking sector.
Economic Survey advocates 10 new ideas that benefit both markets and the economy.