Economic Survey 2020 estimates FY21 GDP growth at 6-6.5%

Economic Survey 2020 estimates FY21 GDP growth at 6-6.5%

EcoNomic Survey -2020 India... TamilN.com

The Economic Survey 2020 forecast India's GDP growth to be in the range of 6 percent to 6.5 percent in the fiscal year 2020-21. The survey tabled in the Upper House on Friday believes the next fiscal is expected to pose challenges on the fiscal front.

The Indian economic growth is expected to pick up in the second half of FY20 and a strong rebound could be seen in FY21 on a low base, according to the document.

First advance estimates released by the Central Statistics Ministry in early January estimated India's GDP growth during fiscal 2019-20 at 5 percent as compared to 6.8 percent in the year-ago period.

Annual economic growth slowed to 4.5 perecent in the July-September quarter, the weakest pace since 2013, owing to weakening demand and private investment.

Slowing growth has put pressure on the government to expedite reforms. The government could announce in the Budget 2020 tax concessions for individuals and increase spending on infrastructure after cutting corporate tax rates last year.

Finance minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2020-21 on February 1.