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GDP growth rate is virtually stagnant, worrying signs for economy: Kejriwal

By Vishal S
|

New Delhi, July 4: Hours after Economic Survey report was presented in Parliament, Delhi Chief Minister Arvind Kejriwal said that the economy is heading towards a slowdown.

Kejriwal expressed concern over "worrying signs" for country's economy, pointing to "virtually stagnant" GDP growth rate, as the Economic Survey report was presented in Parliament on Thursday.

Delhi Chief Minister Arvind Kejriwal

India's economic growth will rebound from a five-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy's size to USD 5 trillion by 2024-25, the pre-Budget Economic Survey said. Kejriwal, however, feared a "slowdown" in the economy.

"Economic Survey presented in the Parliament today signals towards worrying signs for our economy. GDP growth rate is virtually stagnant and all indicators point that we are in a slowdown," he tweeted.

[CEA emphasises on sticking to fiscal deficit target]

The real gross domestic product (GDP) growth, which slowed to a five-year of 5.8 per cent in the first three months of 2019 -- well below China's 6.4 per cent, is expected to rise to 7 per cent in the fiscal year 2019-20 that started in April, said the survey report.

According to the Survey, India continued to remain the fastest-growing major economy in the world in 2018-19, despite a slight moderation in its GDP growth from 7.2 per cent in 2017-18 to 6.8 per cent in 2018-19.

OneIndia News with PTI inputs

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