India's economic growth, which is expected to rebound from a five-year low to 7 per cent this year, now needs to shift gears to accelerate and sustain a higher growth rate to become a USD 5-trillion economy by 2024-25, the pre-Budget Economic Survey said Thursday. However, economic slowdown impacting tax collections and rising state expenditure on farm sector may put strains on the fiscal front, the survey presented in Parliament by Finance Minister Nirmala Sitharaman said. GDP growth was 6.8 per cent in the previous 2018-19 fiscal year, down from 7.2 per cent in 2017-18. Oil prices, the Economic Survey 2018-19 said, will decline in current fiscal, pushing consumption. The survey suggested policies to unshackle micro, small and medium enterprises (MSMEs) to grow, create jobs and enhance productivity.

Source: dna July 04, 2019 11:46 UTC