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Financial News: India Needs To Grow 8%: Economic Survey

India Needs To Grow 8%: Economic Survey

07/04/2019 - 03:30:00 (RTTNews)

(RTTNews) - India needs to sustain a real growth of 8 percent to achieve the objective of becoming a $5 trillion economy by 2024-25, according to the latest Economic Survey 2018-19, released Thursday.

The economy is forecast to grow 7 percent in 2019-20 after a deceleration in the momentum throughout 2018-19. In 2019-20, macroeconomic conditions continue to be stable, while structural reforms initiated in previous years continue on course, the survey said.

The survey underscored the importance of investment as it drives demand, create capacity, increases labor productivity, introduces technology and allows job creation.

Further, consumption will be crucial in deciding the economic growth path. However, downside risks to consumption remain.

The fiscal deficit is expected to widen to 5.8 percent of GDP in 2018-19 from 6.4 percent in 2017-18. The survey indicated several challenges on the fiscal front.

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