Economic Survey Tabled by Nirmala Sitharaman Ahead of Budget 2020-21, GDP Growth Pegged at 6-6.5 Percent

New Delhi, January 31: Ahead of the Budget 2020-2021 presentation, Union Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament. The Economic Survey has projected India’s GDP growth at 6-6.5 percent in the next financial year 2020-2021. This marks a sharp decline from the estimate of 7 percent growth in the current financial year in last year's Economic Survey. Budget Session 2020 of Parliament Live News & Updates.

The release of Economic Survey, prepared by Chief Economic Advisor Krishnamurthy Subramanian and his team, comes a day ahead of the presentation of the first full-year Budget of the Modi 2.0 government. Listing reason for low economic growth, the survey said that weak global growth has impacted India and "investment slowdown due to financial sector issues" had led to growth dropping to a decade low in current fiscal.

The pre-Budget survey pointed out that government interventions seem to be ineffective in stabilising prices of commodities such as onions. In a bid to boost the growth, the Economic Survey called for new ideas for manufacturing such as "assemble in India for the world" which might create jobs. The survey is printed in lavender colour - the same as the colour of the new 100 rupee currency note, the oldest currency note in circulation in the country.

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. It also called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.

Economic Survey advocates 10 new ideas that benefit markets as well as the economy. Prior to the tabling of the survey, Chief Economic Advisor Krishnamurthy Subramanian said that his team did a lot of hard work to prepare "the second economic survey in the span of six months". "Last time, we worked hard. Our team has done a lot of hard work this time around also. The team has prepared the second economic survey in six months. The entire credit goes to them," he told ANI. (With agencies inputs)

(The above story first appeared on LatestLY on Jan 31, 2020 01:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).