GDP Growth: Economic Survey indicates growth at 7%

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New Delhi: The Union government’s economic survey on Thursday predicted that economic growth in the current fiscal year could rise to 7.0% from the 6.8% for the year that ended March 31.

Finance Minister Nirmala Sitharaman tabled the survey in both the houses of Parliament on Thursday. The growth was predicted on the back of the anticipated pickup in investment and consumption.

The economic survey has projected that the Indian economy will grow at 7 per cent during the current fiscal, i.e., 2019-20. This is slightly higher than 6.8 per cent recorded in the last fiscal and considered to be lowest during the last five years.

The survey, an annual report on the health of the economy, was released the day before Finance Minister Nirmala Sitharaman presents the budget.

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CEA K Subramanian on Economic Survey 2019

“Looking beyond the economics of equilibrium, Survey makes case for investment-driven ‘virtuous cycle’ to sustain growth at 8 per cent. Investment the ‘key driver’ of simultaneous growth in demand, jobs, exports & productivity,” Chief Economic Advisor K Subramanian said in a tweet (sic).

In a series of tweets, the CEA said that policymakers needed a clear vision, strategic blueprint and tactical tools for constant recalibration in an unpredictable world. He said that the data must be created as a public good “of the people, by the people, for the people”.

Prime Minister Narendra Modi took to micro-blogging site as he hailed the economic survey report.

The Economic Survey suggests filling out 2279 vacancies in lower courts and 93 in High Courts along with 25 per cent productivity increase in lower courts, 4 per cent increase in High Court and 18 per cent productivity increase in the Supreme can help in faster disposal of backlog cases.

The survey, meanwhile, retained the fiscal deficit at 3.4% of the GDP for the current fiscal, the same as projected in the revised estimate of the interim Budget 2019-20.

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