Economic Survey outlines vision to achieve $5-trillion economy: PM Modi

Mangalore Today News Network

July 04, 2019: The Economic Survey 2019 outlines the vision to achieve a $5-trillion economy, Prime Minister Narendra Modi said on Thursday. Modi’s remarks came hours after the survey was released by Finance Minister Nirmala Sitharaman in Parliament.

 

Taking to Twitter, he said, "The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy. It also depicts the gains from advancement in the social sector, adoption of technology and energy security."


India’s economic growth, which is at expected to rebound from a five-year low to 7 per cent this year, now needs to shift gears to accelerate and sustain a higher growth rate to become a USD 5-trillion economy by 2024-25, the pre-Budget Economic Survey said.

Investment rate, which has been declining from 2011-12, seems to have bottomed out, and is expected to pick up in consumer demand and bank lending, the Survey reads.

The real gross domestic product (GDP) growth, which slowed to a five-year low of 5.8 per cent in the first three months of 2019 – well below China’s 6.4 per cent – is expected to rise to 7 per cent in the fiscal year 2019-20 that started in April. GDP growth was 6.8 per cent in the previous 2018-19 fiscal year, down from 7.2 per cent in 2017-18.

Oil prices, the Economic Survey 2018-19 said, will decline in current fiscal, pushing consumption.

(With PTI inputs)