The GDP rate will be 6 to 6.5 percent in 2020-21

(PTI) New Delhi, Ta. January 31, 2020, Friday

The second general budget of the Narendra Modi government's second term will be presented tomorrow. The economic survey reveals that the current slowdown in growth rates is over and GDP is projected to rise between 6.00 and 6.50 percent in FY 2020-21. GDP is projected to be 5% in the current financial year 2019-20.

Finance Minister Nirmala Sitharaman submitted an economic survey to Parliament today. It states that the reduction in GDP rates should be seen in conjunction with the cyclical structure of growth. The effects of financial sector problems have also been seen on the real estate sector.

The survey said that the government should use the strong mandate it has received to strengthen economic sector reforms. This will help the economy grow strongly in the next financial year.

Economic Survey emphasizes wealth creation in the country. Government measures like cheap house construction, Make in India, corporate tax reduction, Is of Doing Business will help accelerate economic growth in the coming years.

However, there are challenges to the country's economy, such as global trade problems, tensions between the United States and Iran, and poor economic recovery in developed countries. The survey emphasizes wealth creation in the country. We have also been told to honor the creators of wealth.

The Economic Survey also mentions increased onion prices. According to the government, there are good days in the country regarding job creation. In the next five years, there will be 400 million well-paid jobs and by 2030, the number will rise to 8 million.

India has unprecedented opportunities, like China, to increase labor-based exports. Due to programs like Assemble in India and Make in India, India's share in the world export market will increase to 3.5 percent by 2025, which will increase to 6 percent by 2030.