NEW DELHI : The country’s economic growth rate lags far behind its scheduled target, says Survey for the fiscal 2019-20. The economy registered a mere 5 percent grown in the ongoing financial year, reveals survey report. Interestingly, the survey forecasts puts growth figures between 6 to 6.5 percent for upcoming financial year, never mind the fact that the country continues to buckle under economic slowdown. Union Finance Minister Nirmala Sitaraman tabled the Survey report on Friday, at the joint sitting of Parliament at opening of the Budget session.
India’s GDP rate plunged to a five-year-low of 5 percent this financial year against Centre’s promised rate of 7 percent. The IMF on the other hand, had put GDP estimate for India at 4.8 percent for 2019-20, a figure that has proved to be closer to reality.
In July – September quarter of 2019, GDP growth rate crashed to 4.5 percent - the lowest seen since 2013. Hit by crisis, the Centre slashed corporate tax that benefited wealthy incumbents, but it did not really help resolve the situation.
The Economic Survey is prepared by a team of economists based on data provided by the Union Finance Minister.
