Economic survey projects economic growth in 6-6.5%: key points
NEW DELHI: Friday was presented by finance minister Nirmala Sitharaman in Parliament. The survey projects economic growth of 6 to 6.5 percent in fiscal year 2020-21 that begins on April 1, 2020, saying that growth has bottomed out.
The weak global growth affecting India, as well as the slowdown in investment due to problems in the financial sector, have led to growth falling to a low decade in the current fiscal, said the survey.
Here are the best developments:
* Around 2.62 million new jobs were created in rural and urban areas between 2011-12 and 2017-18 among salaried employees and regular employees, notes the 2019-20 Economic Survey.
* The Economic Survey considered current fiscal growth at 5 percent.
* In addition, he said that the fiscal deficit target for the current fiscal year may need to relax to revive growth.
* The Survey requested more reforms to make it easier to do business in the country.
* The slowdown in GDP growth can be understood as part of a cycle of slowing growth with the financial sector acting as a drag on the real sector, he said.
* 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.
* Addressing Parliament before the session of the Budget of the Union 2020 and Economic Survey, President Ram Nath Kovind said: I hope that India will reach new heights in this decade. The government is taking firm steps to make this decade the decade of India.
* He has been printed in lavender, which is the same as the color of the new 100 rupee bill.