New Delhi, July 4: The Economic Survey or the pre-Budget document, which highlights the strong points of Indian economy and underlines the challenges coming ahead, was tabled on Thursday before the Parliament. The Survey has predicted the Gross Domestic Product (GDP) to grow at 7 per cent in the financial year 2019-20.

Further the survey has estimated fiscal deficit to be scaled down to 5.8 per cent in FY19-20, down from 6.4 per cent in the last fiscal year. The lowering of fiscal deficit estimate validates the government's claim of a surge in tax revenues, claim experts. Check Full Highlights of Economic Survey 2019.

Even though the economy is moving smoothly at present, India needs to surge at 8 per cent in the near-future to realise its potential of becoming a $5 trillion economy.

Update by ANI:

In what is likely to bring down the petrol and diesel rates, the Economic Survey has claimed that oil prices are likely to go down in the near future. This will end up relieving the middle class, which faced the wrath of skyrocketing fuel prices last year.

Chief Economic Adviser KV Subramanian, who has prepared his maiden Economic Survey, has also underlined an adverse impact on the export sector due to the ongoing trade war between the United States and several emerging economies, including India and China.

The Economic Survey comes a day before the re-elected Narendra Modi government will present it first Budget of the second term. The document would be rolled out before the Parliament by Nirmala Sitharaman, the first woman Finance Minister after Indira Gandhi.

(The above story first appeared on LatestLY on Jul 04, 2019 12:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).