Nirmala Sitharaman tables Economic Survey: 7 per cent GDP growth predicted in FY20, oil prices seen declining

Economic Survey 2019: Finance Minister Nirmala Sitharaman has presented the Economic Survey 2019 in the Parliament on Thursday afternoon. The survey has predicted a 7 percent GDP growth in FY20 on stable macro economic conditions. It said that the investment rate seems to have bottomed out and the accommodative monetary policy will help cut real lending rates. The survey added that the slowdown in the January-March quarter was slowdown partly because of election-related uncertainty. It predicts that oil prices will decline in FY20 from the existing levels.

The document added that accomodative MPC policy will help cut real lending rates. It added that investment rate seen higher in FY20 on higher credit growth. The survey also said farmers may have produced less in FY19 on food price fall. Greenshoots in investment seems to be taking hold, it said.

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The economic survey has also said that decline in the non-performing assets (NPAs) should help push the capital expenditure cycle. It said that the government stood by its path of fiscal consolidation in FY19 and added that general fiscal deficit was seen at 5.8 percent in FY19 against 6.4 percent in FY18.

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This is the first economic survey presented by the Modi government in its second tenure. The Union Budget will be presented by Finance Minister Nirmala Sitharaman on July 5. Before the survey was tabled, the Chief Economic Adviser (CEA) Krishnamurthy Subramanian had said, "Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to the ideas for the economy. I hope the almighty blesses us."

(To Be Updated)