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Friday, 31 January, 2020, 17 : 45 PM [IST]

Economic Survey projects India’s GDP growth at 6-6.5% during FY21

The Economic Survey on Friday projected India's economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1, saying growth has bottomed out. The growth in 2020-21 compares to a projected 5 per cent expansion in 2019-20.

“From a long term-perspective, the Survey advises that focusing on boosting service exports during bilateral trade negotiations augurs well for India in mitigating bilateral trade deficits with trading partners,” said Krishnamurthy Subramanian, Chief Economic Adviser in the pre-Budget Survey.

The government says that based on first Advance Estimates, India’s GDP growth for 2019-20 would be recorded at 5 per cent. This suggests an uptick in GDP growth in second half of 2019-20. The deceleration in GDP growth can be understood within the framework of a slowing cycle of growth. The financial sector has acted as a drag on the real estate sector. The Survey says that the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of NIFTY for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandize exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection. The Survey points out that the year 2019 was a difficult year for the global economy with world output growth estimated to grow at its slowest pace of 2.9 per cent.
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