New Delhi: 2020’s Economy Survey Report is published. It is expected that India’s economy will progress with 6 to 6.5% growth rates in the year 2020-2021. Moreover, it is advised that the fiscal deficit will have to be overlooked to give impetus to the development. Chief Financial Advisor Krishnamurthy Subramanian has expressed confidence that the Indian economy will speed up in the near future while speaking on this report.
Budget session of the parliament commenced on Friday. This Economy Survey Report was published before presenting of 2020-21 Budgets by Finance Minister Nirmala Sitharaman. The present economy, which has slipped to 5%, will grow with 6 to 6.5% growth rates in the current financial year, confided in this Survey Report. It is expressed in this report that the crisis in the global economy has also affected the Indian economy. However, considering the trade circle, the economy will boost in the near future, claimed Chief Financial Advisor Krishnamurthy Subramanian.
It is necessary to give priority to the financial progress in this fiscal year. And it is categorically highlighted in this report that fiscal deficit will have to be overlooked for this development. In last year’s Economy Survey, it was claimed that the growth rate would be more than 7%; however, it slipped to 5%. The Financial Experts are reminding this.
In this Survey Report, more emphasis is given to wealth building and for that impetus needs to be given to investment and industry sector, it is claimed. Instead of giving priority to the selected industry like ‘Crony Capitalism’, it will be creditable to increase competition in the industrial sector for generating wealth, concluded in this report. More reforms are expected in the management of Public Sector Banks; it is registered in this report.
India will have to take important decisions for making Five Trillion Economy till 2025. It is necessary to encourage exports by giving a boost to the production sector. This will result in employment generation. In the next ten years, India will have to generate 50 to 60 Lakhs jobs. For this, investment in basal facilities is expected to be 1.4 Trillion, claimed in this Economy Survey Report.
The administration needs to be made more accessible for boosting the economy. If exports are to be encouraged, red tape system of the administration is required to be abolished, advises the Economy Survey Report.