india

Updated: Jan 31, 2020 14:48 IST

The Indian economy slowed down partly because of the weak global growth in 2019, chief economic advisor K Subramanian said on Friday after finance minister Nirmala Sitharaman tabled the Economic Survey 2019-20 in Parliament.

“We have a slowdown in the Indian economy, part of it is because of the global economy slowing down in 2019,” he said.

A government statement said the survey attempts to craft a framework of policies that can foster wealth creation in India, which in turn, would set the economy firmly on an upward growth trajectory,

The survey revolves around the theme of enabling markets, promoting ‘pro-business’ policies and strengthening ‘trust’ in the economy. It maintains a balanced optimistic stance and makes an attempt to put to rest any skepticism about the benefits accruing from a market economy, both in economic thinking and policy-making.

The government has estimated gross domestic product expansion at 5% for the financial year ending on March 31, which would be the slowest pace since the global financial crisis of 2008-09. The survey has said this year’s fiscal deficit target of 3.3% of GDP may have to be relaxed .

It has spotted an uptick in GDP growth numbers in the second half of 2019-20 that it has attributed 10 positive actors such as picking up of NIFTY for the first time this yer, an upbeat secondary market, higher FDI inflows and rebound of industrial activity.