New delhi sources stated that according to Budget documents the economic growth slowdown has appeared to have bottomed out and is expected to pick up in 2020-21. Meanwhile the document further said the prospects for the indian economy in 2020-21 need to be assessed in the light of emerging global and domestic challenges and opportunities.
Apparently Finance minister Nirmala Seetharaman, while presenting the Budget in parliament on saturday, said people of india have unequivocally given jan-aadesh (mandate) for not just political stability but also reposed faith in the government’s economic policies.
“During 2014-19, we clocked growth of 7.4 per cent on average with inflation, averaging around 4.5 per cent,” adding that india was able to raise 271 million people out of poverty between 2006 and 2016.
Moreover according to the Budget documents, global headwinds and challenges in the domestic financial sector moderated the growth of the indian economy in 2019-20. Hence as per the first Advance Estimates released by the National Statistical office (NSO), the country’s economic growth is likely to hit an 11-year low of 5 per cent in the current financial year ending march 2020. Also according to the documents, fiscal situation remained close to the consolidation path and Consumer Price Index-based inflation was within the targeted limits set by the Monetary Policy Committee of the bank OF INDIA’ target=’_blank’ title=’reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW’>reserve bank of india (RBI).