TIL Desk/National/New Delhi/ The government Thursday projected the country’s GDP growth for 2019-20 at 7 per cent, up from five-year low of 6.8 per cent, on the back of anticipated pickup in investment and consumption. According to the Economic Survey 2018-19, tabled by Finance Minister Nirmala Sitharaman in Parliament, India continues to remain the fastest-growing major economy in the world in 2018-19, despite a slight moderation in its gross domestic product (GDP) growth from 7.2 per cent in 2017-18 to 6.8 per cent in 2018-19.
“India’s growth of real GDP has been high with average growth of 7.5 per cent in last five years (2014-15 onwards). The economy grew at 6.8 per cent in 2018-19, thereby experiencing some moderation in growth when compared to the previous year,” it said. This moderation in growth momentum is mainly on account of lower growth in agriculture, trade, transport communication and services related to broadcasting among others, it said.
During the last five years, India’s economy has performed well, it said, adding that the government has ensured that the benefits of growth and macroeconomic stability reach the bottom of the pyramid by opening up several pathways for trickle-down. “To achieve the objective of becoming a USD 5-trillion economy by 2024-25, as laid down by the Prime Minister, India needs to sustain a real GDP growth rate of 8 per cent,” it said.
