India's economic survey likely to forecast 2020/21 growth at 6%-6.5%

Economic Survey 2020 projects India's GDP to grow

India's external sector gained further stability in the first half of 2019-20, with a narrowing of current account deficit (CAD) as GDP from 2.1 per cent in 2018-19 to 1.5 per cent. Imports have contracted more sharply than exports, with the easing of crude prices, which has mainly driven the narrowing of CAD, noted the Survey.

Growth slipped to a six-year low of 4.5 per cent in the July-September quarter.

Chief Economic Advisor Krishnamurthy Subramanian on Friday (January 31) said that the global economic slowdown is partly to be blamed for the slowdown in the Indian economy while addressing a press conference.

The industrial growth in the fiscal year (FY) 2019-20 estimated at 2.5 per cent. Economic Survey also adds a relaxing fiscal gap target to revive growth.

During much of India's economic dominance, the economy relied on the invisible hand of the market for wealth creation with the support of the hand of trust.

Share of formal employment increased from 17.9 per cent in 2011 -12 to 22.8 per cent in 2017-18 reflecting formalisation in the economy. To reach the benchmark of $5 trillion, Swamy said that there needs to be a 18.6% growth in the GDP per year, a 13.8% rise than the current number. It is prepared by a team headed by the CEA.

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"Wealth creation as an idea and wealth creators as its medium becomes the central theme of the Economic Survey", Subramanian said.

The Economic Survey for 2019-20 delves deep into the reasons for current economic slowdown while putting out a strategy for the manufacturing sector to focus on "assemble in India" paradigm in the coming days.

Explained: What to expect from Economic Survey 2020?

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.

"On a net assessment, it appears that the upside risks should prevail, particularly when the government, with a strong mandate, has the capacity to deliver expeditiously on reforms, " said the Survey for 2019-20, presented in Parliament by Union Finance Minister Nirmala Sitharaman here on Friday.

Indranil pan, chief economist, IDFC First Bank, said, "For the next fiscal year, a lot would depend on not only the domestic conditions but even the global conditions, where we see the coronavirus issue affecting the financial markets and therefore we need to look at that perspective also".

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