New Delhi: The Economic Survey which was presented on Thursday has said India’s GDP growth for the financial year 2019-20 is projected at seven percent.
Finance Minister Nirmala Sitharaman presented the Economic Survey for the financial year 2018-19 in Rajya Sabha which was prepared by India’s Chief Economic Adviser Krishnamurthy Subramanian.
The Survey highlighted that the slowdown in the January-March quarter of 2019 was due to poll uncertainty and NBFC crisis.
The report said the economy will revive on the basis of stable government and structural reforms carried out in the last few years. The survey expects oil prices to cool off which will boost economic growth.
Worth mentioning here that India’s economic growth fell to 5.8% in the January-March quarter and dragged the full year growth to 6.8%. This is a five-year low, due to a slowdown in consumption spending and weak capex.
The new Modi dispensation strive to double the size of the economy to $5 trillion by 2024. The Survey said the economy needs to grow at 8% per year to be a $5 trillion economy by Financial Year 2025.