Tabling the survey document in the Rajya Sabha, Finance Minister Nirmala Sitharaman said global crude oil prices are expected to decline in the current financial year 2019-20
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New Delhi: India needs to sustain a Gross Domestic Product (GDP) growth rate of 8 per cent to become a five trillion dollar economy by 2025, stated the Economic Survey on Thursday. Such growth can only be sustained by various cycle of investment, savings and exports, it said. Tabling the survey document in the Rajya Sabha, Nirmala Sitharaman, Finance Minister stated global crude oil prices are expected to decline in the current financial year 2019-20.
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But India's export prospects still remain weak. However, the GDP growth rate for India for the year 2019-20 is likely to be 7 per cent on stable macroeconomic conditions. Nirmala Sitharaman also added accommodative monetary policy is required to help cut real lending rates as investment rate seems to have bottomed out. Finance Minister Nirmala Sitharaman will address the Reserve Bank of India's (RBI's) central board of directors in a customary post-budget meeting on July 8. Issues related to the overall economy and fiscal policy decisions taken by the government will be taken up during the meeting.
Minister of State for Finance Anurag Thakur, Finance Secretary S C Garg and Department of Financial Services Secretary Rajiv Kumar will also be present in the meeting at RBI's office in the national capital. It will be Sitharaman's first post-Budget meeting with the RBI's central board of directors. She took over as India's first full-time woman finance minister on May 31 after the BJP-led National Democratic Alliance won the second term in general elections.
With inputs from ANI
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