The first budget of Modi Government 2.0 is to be presented on Friday. Before the budget on Thursday, the government presented economic survey in Parliament. There are challenges before Finance Minister Nirmala Sitharaman that it can confirm to the expectations of the common man. Economic survey has been presented in Rajya Sabha and Lok Sabha. According to the survey, the country's GDP growth rate can be up to 7 per cent in 2019-20. It has also seen signs of policy decisions for the coming financial year.
The Economic Survey states that in fiscal year 2018-19 fiscal deficit has decreased and it was only 3.4 percent of the GDP, while the goal was to bring 3.3 percent. According to the Economic Survey, if India wants to make an economy of 5 trillion by 2025, then it will have to achieve 8% growth in GDP continuously.
The Economic Survey states that the monetary policy measures of the Reserve Bank will help in reducing the interest rates of the loan. Likewise, the decrease in the investment rate also seems to be stopped now. Economic Survey on the decline in GDP growth in January-March quarter has been said that it was due to the uncertainty of the elections. Apart from this, the reason for the low growth in the last financial year is the NBFC crisis. Significantly, the GDP growth in the March quarter was only 5.8 per cent.