Published 13:13 IST, January 31st 2020
Budget 2020: Economic Survey likely to project India's GDP growth far higher than IMF
Union Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey on the floor of the Lok Sabha. It is estimated that the GDP will grow at 6-6.5%.
On Friday, Union Finance Minister Nirmala Sitharaman tabled Economic Survey 2019-20 on the floor of the Lok Sabha. Thereafter, the Lok Sabha was adjourned until 11 am on Saturday.
In a big development, sources told Republic TV that the upcoming Economic Survey 2019-20 is likely to peg the GDP growth at 6-6.5% which is much higher than the IMF’s estimate at 4.8%. Moreover, it is likely that there will be a big focus on wealth creation as a “national project”.
Also, the privatisation of public banks is expected. In the previous year’s Economic Survey, the concepts of nudge theory and Behavioural Economics were highlighted. According to sources, the Survey will point towards the end of bad times for the economy.
What is the Economic Survey?
An annual document of the Ministry of Finance, the Economic Survey reviews the economic progress of the previous 12 months. It focuses on the performance of major developmental schemes and government policies. The convention is that it is released a day before the Union Budget. It has been prepared by K Subramanian, the country's Chief Economic Advisor.
PM Modi urges focus on the economy
In the all-party meeting called by the Parliamentary Affairs Minister, Prime Minister Narendra Modi urged the MPs to keep the focus on economic issues. He said, "We should focus on how we can turn the global scenario in favour of India and in this budget session, and at the beginning of the New Year if we can give a proper direction to the country’s economy, it would be in the best interest of the country". The Union Budget will be presented by Sitharaman at 11 am on Saturday. This will be her first full-fledged budget.
Updated 18:03 IST, January 31st 2020