Finance Minister Nirmala Sitharaman on Thursday tabled Economic Survey 2019 in the Rajya Sabha. The Economic Survey predicted Oil prices to decline in 2019-20. It further predicted 7% Gross Domestic Product (GDP) growth in Financial Year 2020 on stable macroeconomic conditions.
According to the Economic Survey, General fiscal deficit seen at 5.8% in Financial Year 2019 against 6.4% in Financial Year 2018. ‘To become a $5 trillion economy by 2025, India needs to sustain a GDP growth rate of 8%’, as per the Economic Survey tabled on Rajya Sabha today.
Speaking in the parliament, Nirmala Sitharaman said accommodative monetary policy is required to cut the lending rates.
Finance Minister Nirmala Sitharaman tables #EconomicSurvey2019 in the Rajya Sabha. pic.twitter.com/B8bh6iwuWN
— ANI (@ANI) July 4, 2019
Nirmala Sitharaman who is inducted as Union Finance Minister in Modi Cabinet 2.0 will present the First Budget of this Government of July 5, tomorrow. Sitharaman is expected to announce big tax relief for the middle class and salaried people.
Sitharaman had earlier held a series of pre-budget meetings with several stakeholders in a bid to seek feedbacks, and inputs ahead of the Budget Session of the 17th Lok Sabha.
ALSO READ:
- MPs of TMC, SP, BJP and YSRCP give Zero Hour Notice in Rajya Sabha over different Issues
- Day after stepping down as Congress President, Rahul Gandhi vows to fight 10 times harder than he did in past 5 years
- Harish Rawat steps down from Congress General Secretary Post; takes responsibility of Poll Setback