GDP growth for FY2019-20 pegged at 5%
New Delhi/IBNS: The government on Tuesday forecast 5% growth for the current fiscal.
This is being considered as the slowest economic growth in the last 11 years.
Finance minister Nirmala Sitharaman is likely to announce more steps to stimulate the economy in the budget for FY 20_21, especially the consumption side.
In the July-September quarter, the annual economic growth had slowed to 4.5%, the slowest growth since 2013.
The GDP growth is pegged at 5 per cent for the financial year 2019-20, ending March. This is slower than 6.8 per cent growth of 2018-19, the Ministry of Statistics has said in a statement.
India grew at 3.1% in 2008-09 after the global financial crisis.
The Ministry of Statistics forecast the manufacturing sector to grow at 2.0 per cent(6.9% in 2018-19), construction at 3.2% (8.7% in 2018-19) and the farm sector at 2.8%(2.9% in 2018-19).
The unemployment rate rose to 7.7% in December compared to 7 per cent last year.
The finance minister is likely to announce income tax cuts for individuals to put more money in the hands of the people in a bid to stimulate the economy.
The public sector banks organised loan Melas during in the first and the last half of October last year in a bid to boost rural consumption during the festive season.
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