In the Economic Survey for 2018-19, tabled by Finance Minister Nirmala Sitharaman in the Rajya Sabha , the government has pegged the growth rate for the current fiscal at 7 per cent, marginally up from the five-year low of 6.8 per cent recorded in the previous fiscal .
“real GDP growth for the year 2019-20 is projected at 7 per cent reflecting a recovery in the economy after a deceleration in the growth momentum throughout 2018-19.”
The fiscal deficit estimate for 2018-19 has been retained at 3.4 per cent of the GDP, same as projected in the interim Budget.
India needs to grow at 8 percent per annum to become a $5 trillion economy by FY25. Oil prices expected to decline in 2019-20.
Economic Survey 2019 says lower global growth and increased uncertainty over trade tension may hit exports. Lower global oil prices to boost consumption.