7 Per cent GDP growth projected for 2019-20: Economic Survey

The Economic Survey on Thursday projected real gross domestic product (GDP) for 2019-20 to be 7 per cent on stable macroeconomic conditions but said prospects of export growth remain week.

Tabling the survey document in the Rajya Sabha, Finance Minister Nirmala Sitharaman said accommodative monetary policy is required to help cut real lending rates.

The investment rate seems to have bottomed out. The decline in non-performing assets should push up the capital expenditure cycle.

The government has been on a path of fiscal consolidation and discipline. At the same time, oil prices are expected to decline in 2019-20, said the Economic Survey for 2018-19.

The general fiscal deficit was seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. The January to March slowdown was partly due to election-related uncertainty.