Economy

Economic Survey 2020 projects GDP growth at 6-6.5% in FY21

Economic Survey 2020 projects GDP growth at 6-6.5% in FY21”

Economic Survey projects economic growth at 6-6.5% in fiscal year starting April 1.

What is worrying about the import numbers is the reduction in the non-POL (petroleum, oil, lubricants)-non-gold imports as a proportion of GDP from 2018-19 to H1 of 2019-20, which is understood to be positively correlated with GDP growth.

Earlier in the day, Finance Minister Nirmala Sitharaman tabled the economic survey 2020.

The Economic Survey reviews the developments in the economy over the past financial year, highlights the policy initiatives of the government and economic prospects in the short and medium terms.

Agriculture and allied sectors to grow at 2.8 per cent in the coming financial year, growth in current year estimated at 2.9 per cent.

Subramanian said that the Economic Survey 2020 is a synthesis of old and new ideas and shares contemporary evidence with ancient ideas, adding that theme of wealth creation for economic survey was based on the remarks of Prime Minister Narendra Modi in his Independence Day address.

Improvement in the country's balance of payments (BoP) position in the first half of 2019-20 backed by higher foreign direct investment (FDI), portfolio flows and external commercial borrowings and a narrowing current account deficit reflect well on the economy but dwindling exports and decline in non-petroleum-non-gold imports as a proportion of GDP spell possible trouble.

Survey asks government to deliver expeditiously on reforms to revive growth. It has suggested that industrial sector performance is a key to achieve the target of a five trillion dollar economy. He said the theme for the Economic Survey for the 2020-'21 financial year was wealth creation.

"The cover of Economic Survey, which is lavender, captures the new Rs 100 note and combines the old with the new".

Economic Survey suggests new ideas for manufacturing such as "assemble in India for the world" which will create jobs.

To further make it easier to do business, the Survey called for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

Economic Survey called for improving governance in public sector banks and the need for more disclosure of information to build trust.



Like this

loading...
loading...

Latest


01 February 2020
U.S. travel ban: Trump puts restrictions on six more countries
One DHS official estimated the affected population of people barred from immigrating to the US might total 12,000 per year. The visas affected are distinct from non-immigrant visitor visas, which will not be impacted by the ban, Wolf said.

01 February 2020
Yemen's Huthis claim attack on Saudi oil facilities
Yemen's Houthi movement claimed to have targeted Saudi Arabia's Aramco facilities in the port city of Jizan, reports said. A Saudi-led military coalition intervened in 2015 in a bid to restore him.

01 February 2020
My Chemical Romance announce reunion tour with stop in Pa.
My Chemical Romance have announced an 18-date North American tour which will take place later this year. They announced eight North American tour dates , with a stop at TD Garden in Boston on September 15.

01 February 2020
Crystal Palace agree £16m price for Hull City huge title Jarrod Bowen
According to Roshane Thomas of The Athletic , Hull City are concerned that West Ham " s deal for Jarrod Bowen "might stall'. Hull City are reported to have accepted the deal and it now remains an agreement between Bowen and West Ham .

01 February 2020
Roger Federer reflects on 'horrible' semi-final at Australian Open
From that standpoint, we'll see how the year goes, how everything is with the family. "Of course, I hope to be back". He said it hurt him to play wounded - especially after it soon sunk in that he was nearly no chance of winning.

31 January 2020
Roku Pulls Fox Channels Ahead of Super Bowl LIV in Contract Dispute
The exact nature of the dispute is not clear, but this comes just weeks after AT&T TV NOW was removed from the Roku Channel Store. On Friday, Roku's stock dropped more than 5% in morning trading after news of the dispute with Fox Corp .

31 January 2020
Ellen DeGeneres surprises black teen told to cut dreadlocks with $20K scholarship
He also expressed disappointment at the prospect of not being able to walk across the stage to receive his high school diploma. Cory Booker, D-N.J., and California Gov.

31 January 2020
NASA Voyager 2 suffers from technical problems in interstellar space
The onboard software made a decision to offset this power deficit by shutting down the five scientific instruments still working. It remains the only spacecraft to visit both Saturn and Neptune, which kept it from reaching the interstellar medium until 2018.

31 January 2020
House Democrats Release Broadband Infrastructure Framework
Ensure a transportation system that is green, affordable, reliable, efficient, and provides access to jobs . Since 2008, Congress has transferred about US$141 billion in general revenues to the Highway Trust Fund.

31 January 2020
Singapore to suspend entry to travellers with recent China travel history
Declaring a PHEIC will ensure continued support to the response in China and accelerated preparedness in all countries. A plane would be taken out of service and fumigated if a passenger had a confirmed case of coronavirus, he said.