India needs to sustain 8% GDP growth to become $5 trillion economy by 2025: Economic Survey
Finance Minister Nirmala Sitharaman
Finance ministerNirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which saidIndia needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.
The economic survey has predicted sevenper cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions.
The survey said oil prices were expected to decline in 2019-20.
According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18."The government stood by the fiscal consolidation path," the report said.
In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target.
"The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said.
The survey is an outlook of developments in the economy that is presented a day before the Union Budget.
The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.
The Modi government will present its first full-fledged Budget on Friday which will be tabled byfinance minister Nirmala Sitharaman.