More money in your wallet! Oil prices to decline this year, says Economic Survey

In what may bring cheers to the common man, the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman today said that oil prices are expected to decline in 2019-20. If this happens, the decline in oil prices will help check inflation, helping people save money. The survey has projected GDP growth for 2019-20  to be projected at 7 per cent. Further, it said that the fiscal deficit in the current financial year would be 5.8 per cent. 

Here are some key points of Economic Survey:

- The economic survey has said that decline in the non-performing assets (NPAs) should help push the capital expenditure cycle.

- General fiscal deficit seen at 5.8 percent in FY19 against 6.4 percent in FY18.

- January-March slowdown partly because of election-related uncertainty.

- Accommodative monetary policy to help cut real lending rates.

-Investment rate seems to have bottomed out.

- Accomodative MPC policy to help cut real lending rates.

- Investment rate seen higher in FY20 on higher credit growth.

- Investment rate seems to have bottomed out.

- Decline in NPAs should push up CAPEX cycle.

- Oil prices seen declining.

- Farmers may have produced less in FY19 on food price fall.

- General fiscal deficit seen at 5.8% in FY19.

- Jan-March economic slowdown due to poll related activity.