New Delhi: Many agencies in the country and the world are estimating India's growth rate these days. At the same time, FICCI has also projected at least 6.9 % GDP growth for the current fiscal. But the difference in FICCI's projections from many earlier estimates is that it assumes that the performance of the industry and the service sector will bring the GDP to this high. On the first quarter, FICCI estimates that the GDP growth rate will be 6%.
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The government will release the data for the first quarter of the financial year 2019-20 on August 31. FICCI has conducted a survey on the country's economic outlook. The survey has sought opinions from different economists in the country. The survey, conducted in June-July this year, has projected a minimum of 6.7 % for the entire year's GDP growth rate and a maximum of 7.2%. FICCI believes that the industry and the service sector will contribute significantly to GDP for the whole year.
According to the survey, the industry's growth rate is estimated at 6.9 % and the service sector at 8 % in the financial year. Most of the economists who participated in the survey believe that the RBI will continue its soft-rate policy for the time being. The RBI is likely to further reduce the repo rate in the remaining period of the financial year 2019-20.
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However, the survey has expressed concern about the employment situation in the current financial year. But economists have stressed four key areas to improve the situation that could change positions on the employment front. These include the cost of doing business, regulatory and labor reforms and the announcement of special packages for certain sectors.
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