New Delhi: The Economic Survey on Thursday prescribed a private investment-led growth strategy to achieve Prime Minister Narendra Modi’s vision of making India a $5 trillion economy. It is expected to pick up further in the year 2019-20 on the back of higher credit growth and improved demand," the Survey said. China remains an investment-driven economy even today with its investment and savings rates reaching about 45% of GDP even in 2017," the Survey said. “At the same time, the reduction in real interest rates can foster investment and thereby set in motion the virtuous cycle of investment, growth, exports and jobs. Advocating an “optimal tax policy", the Survey seeks rationalization of tax policy and its implementation for startups to foster innovation.

Source: Mint July 04, 2019 18:22 UTC