Finance Minister Nirmala Sitharama presents Economic Survey 2018-19: GDP growth for FY20 projected at 7%

By Rajan Nath -- July 04, 2019 1:07 pm -- Updated:Feb 15, 2021

Economic Survey 2018-19: Finance Minister Nirmala Sitharaman presented the Economic Survey for the financial year 2018-2019 in Parliament. The economic survey was prepared by India's Chief Economic Adviser Krishnamurthy Subramanian. Also, the economic survey shows that India's GDP growth for the financial year FY2019-20 is seen at 7 percent. The economic survey showcases the slowdown in the January-March quarter in 2019 because of the Lok Sabha Elections 2019 and NBFC crisis. Also, the economic survey 2018-2019 said the economy is likely to revive on the basis of stable government.

Also, the economic survey shows the structural reforms which were carried out in the past few years. Meanwhile, the economic survey expects oil prices to cool down which will definitely aid economic growth. The economic survey points out at the investments rates which have been bottomed out and is likely to move with pace in FY20. The economic survey on fiscal deficit says that the general fiscal deficit witnessed 5.8 percent of the GDP in the financial year 2019 as compared to the 6.4 percent in the financial year 2018.

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Also, the Economic Survey says that the GST collection is expected to be higher and will be the key to improved financial conditions. The economic survey demands a modification in the minimum wage system in India which will develop the growth in India. Also, the economic survey suggests some policies for an effective design of the minimum wage system in India. Nirmala Sitharman being the first women to be the full-time Finance Minister presented the Economic Survey for the financial year 2018-19.

-PTC News

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