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Economic Survey 2020 Says Growth Has Bottomed Out

It projected India’s economic growth at 6-6.5% in the financial year starting April 1.
File image of Union Minister of Finance Nirmala Sitharaman and MoS Finance Anurag Thakur.
Hindustan Times via Getty Images
File image of Union Minister of Finance Nirmala Sitharaman and MoS Finance Anurag Thakur.

NEW DELHI — The Economic Survey on Friday projected India’s economic growth at 6-6.5% in the next financial year starting April 1, saying growth has bottomed out.

The growth in 2020-21 compares to a projected 5% expansion in 2019-20.

Weak global growth impacting India as well as investment slowdown due to financial sector issues had led to growth dropping to a decade low in current fiscal, it said, adding 5% growth projected for 2019-20 is the lowest it could fall for now.

Growth slipped to 4.5% in the July-September quarter.

The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect.

The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.

For boosting growth, it called for new ideas for manufacturing such as ‘assemble in India for the world’ which will create jobs.

To further make it easier to do business, the Survey called for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

It also called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.

Economic Survey advocates 10 new ideas that benefit markets as well as the economy.

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This article exists as part of the online archive for HuffPost India, which closed in 2020. Some features are no longer enabled. If you have questions or concerns about this article, please contact indiasupport@huffpost.com.