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.

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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.



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