Budget 2020: Economic Survey calls for reforms, projects growth at 6-6.5 per cent

New Delhi: The general economic slowdown led by a fall in consumption as well as investment continue to pose as one of the biggest challenges faced by the Narendra Modi government.

(Photo:Twitter/PIB)

The Economic Survey for 2019-20 has projected that the Indian economy will grow at 6-6.5 per cent in 2020-21. This is, however, a little higher than the revised estimate of 5 per cent for 2019-20.

But, the Indian economy is expected to experience 'continues slowdown' for the third consecutive year since 2016-17.

The growth figure was 8.2 per cent in 2016-17 but dropped to 7.2 per cent in 2017-18 and 6.8 per cent in 2018-19.

To make things easier to do business, the Survey called for reforms, removing the red tape at ports to promote exports and to help for easing the start of business, register property and pay taxes.

The projections in the survey is authored by a team led by Chief Economic Adviser Krishnamurthy Subramanian.

Nominal GDP growth is expected to grow at only 7.5 per cent in 2019-20, as against the 12 per cent initially estimated.

This suggests, the tax collections may be hit.

However, an official statement said that the Survey underscored the fact that India has achieved considerable progress in the field of SDGs as measured by the SDG India Index 2019.

As per the SDG Index, Kerala, Himachal Pradesh, Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Goa, Sikkim, Chandigarh and Puducherry are the front runners. (UNI)