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05 February 2019
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GDP
(The Total Investment & Insurance Solutions)
The finance ministry expects economic growth
to accelerate to 7.5 per cent in 2019-20 from 7.2 per cent projected for the
current fiscal. The growth was 8.2 per cent in 2016-17, the year in which the
government demonetised highdenomination currency notes of Rs 500 and Rs 1,000.
"We are looking at nominal growth of
11.5 per cent (for 2019-20). Our assumption is 7.5 per cent real growth and 4
per cent inflation. We have been reasonable," Economic Affairs Secretary
Subhash Chandra Garg told PTI. Finance Minister Piyush Goyal in the Budget
Speech said that India is solidly back on track and marching towards growth and
prosperity.
The past five years have seen India being
universally recognised as a bright spot of the global economy, he said, adding
that the country witnessed its best phase of macro-economic stability during
this period. "We are the fastest growing major economy in the world with
an annual average GDPgrowth during last five years higher than the growth
achieved by any government since economic reforms began in 1991," he had
said.
Elucidating focus of the Budget 2019-20, Garg
said it has tried to touch a major portion of population of the country in some
way or the other. "Second is the conviction of the government that don't
give doles but invest in the long-term asset creation with a view to make life
of people better. Invest in the real factors, which build the life, which can
make things more and more productive.
"The other distinguishing feature is
that there should be fiscal consolidation and no expansionary policy,
otherwise, it fuels inflation and crowd out private investment," Garg
said. Citing example, he said enhancement of rural connectivity, rural electrification
NSE -3.71 % and housing for all are efforts in that direction.The Total Investment & Insurance
Solutions
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