FOREX TradingCharts.com

Financial News: India Needs 8% Growth To Become Third Largest

India Needs 8% Growth To Become Third Largest Economy: Economic Survey

07/04/2019 - 08:24:00 (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, which will make the economy the third largest in the world, according to the latest Economic Survey 2018-19 tabled in the parliament on Thursday.

But, the economy is forecast to grow 7 percent in the fiscal year 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.

Nonetheless, both downside risks and upside prospects persist in 2019-20.

Growth moderated to 6.8 percent in the fiscal year ended March 31, 2019. The growth averaged 7.5 percent over the last five years.

An 8 percent growth can only be sustained by a "virtuous cycle" of savings, investment and exports catalyzed and supported by a favorable demographic phase, the report said.

The economic survey is published a day ahead of the annual budget presentation. The new Finance Minister Nirmala Sitharaman is set to present the budget on Friday. 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.

Prospects of export growth remained weak for 2019-20. The ministry observed that US-China trade disputes, outcome of Brexit and downside risks to China's growth are major threats.

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 lifted the deficit forecast citing several challenges on the fiscal front.

In the interim budget presented in February ahead of general election, the government had projected fiscal deficit of 3.4 percent of GDP for the fiscal year 2020 and 3.3 percent for the fiscal year 2019.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Iceland Inflation At 4-Month Low (01 hr(s), 31 min(s), 08 sec(s) ago)
(RTTNews) - Iceland's consumer price inflation slowed to the lowest level in four months in Ju ...Full Story»

Hong Kong Inflation Accelerates In June (01 hr(s), 33 min(s), 08 sec(s) ago)
(RTTNews) - Hong Kong's consumer price inflation rose in June after easing in the previous mon ...Full Story»

Taiwan Jobless Rate Rises In June (01 hr(s), 34 min(s), 08 sec(s) ago)
(RTTNews) - Taiwan jobless rate rose in June after slowing in the previous month, the Directorate ...Full Story»

UK Households Remain Upbeat About Future Finances (01 hr(s), 40 min(s), 08 sec(s) ago)
(RTTNews) - British households' expectations towards future finances remained positive in July ...Full Story»

Estonia Producer Price Inflation Slows In June (05 hr(s), 27 min(s), 08 sec(s) ago)
(RTTNews) - Estonia's producer price inflation slowed in June, data from Statistics Estonia sh ...Full Story»

Dutch Consumer Confidence Improves In July (05 hr(s), 31 min(s), 08 sec(s) ago)
(RTTNews) - Dutch consumer confidence improved in July, data from the Central Bureau of Statistics ...Full Story»

World Bank Says Afghanistan Growth To Improve Despite Headwinds (06 hr(s), 42 min(s), 08 sec(s) ago)
(RTTNews) - Afghanistan's economic growth is expected to improve this year with easing of drou ...Full Story»

CBI Urges Next UK PM To Act Fast To Get Economy Back On Track (07 hr(s), 19 min(s), 08 sec(s) ago)
(RTTNews) - The next UK Prime Minister should restore confidence and take action to bring the econ ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Iceland Inflation At 4-Month Low

07/22/2019 - 05:51 AM (RTTNews)
(RTTNews) - Iceland's consumer price inflation slowed to the lowest level in four months in Ju ...Full Story>>

Hong Kong Inflation Accelerates In June

07/22/2019 - 05:49 AM (RTTNews)
(RTTNews) - Hong Kong's consumer price inflation rose in June after easing in the previous mon ...Full Story>>

Taiwan Jobless Rate Rises In June

07/22/2019 - 05:48 AM (RTTNews)
(RTTNews) - Taiwan jobless rate rose in June after slowing in the previous month, the Directorate ...Full Story>>

UK Households Remain Upbeat About Future Finances

07/22/2019 - 05:42 AM (RTTNews)
(RTTNews) - British households' expectations towards future finances remained positive in July ...Full Story>>

Estonia Producer Price Inflation Slows In June

07/22/2019 - 01:55 AM (RTTNews)
(RTTNews) - Estonia's producer price inflation slowed in June, data from Statistics Estonia sh ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.