According to the Economic Survey 2018-19, tabled by Finance Minister Nirmala Sitharaman in Parliament, India continues to remain the fastest-growing major economy in the world in 2018-19, despite a slight moderation in its gross domestic product (GDP) growth from 7.2 per cent in 2017-18 to 6.8 per cent in 2018-19.
Seven highlights of Economic Survey 2018-19
GDP growth pegged at 7 pc in 2019-20, up from 6.8 pc last fiscal. Growth in current fiscal to be driven by investment, consumption.
Sustained 8 per cent growth needed to become a USD 5-trillion economy by 2024-25.
Investment is the “key driver” of simultaneous growth in demand, jobs, exports & productivity. Foreign exchange reserves at USD 422.2 billion in June 2019.
Crude oil prices to decline in 2019-20, to push consumption.
General government fiscal deficit seen at 5.8 pc in 2018-19, against 6.4 per cent last fiscal.
Projects imports to grow at 15.4 pc, exports at 12.5 pc for 2018-19.
Projects 283.4 million tonne of foodgrain production in 2018-19.