A day before Finance Minister Nirmala Sitharaman’s maiden Union Finance Budget, the Economic Survey 2018-19 prepared by Chief Economic Adviser Krishnamurthy Subramanian was tabled in the Parliament today (4 July).
The Economic Survey predicts a growth rate of 7 per cent for the financial year 2019-20 and at the same time projects the investment rate picking up on the back of higher credit growth and demand, Livemint has reported.
The survey predicts that oil prices are set to decline in FY20 which may boost consumption but exports may be hit in light on lower global growth and trade tensions.
The survey also treads a cautious line by warning about challenges on the fiscal front in light of low growth of 6.8 per cent in FY19 and disruptions caused due to the GST and farmer welfare schemes.
As reported by Moneycontrol, fiscal deficit is expected to shrink to 5.8 per cent in FY20, a 0.6 percentage point improvement from the FY19 figure of 6.4 per cent.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.