The second general budget of the Modi government's second term will be presented in Parliament on Saturday, 1st February. A day before the general budget, the economic survey 2019-2020 has been tabled in Parliament today on the commencement of the budget session on Friday. The economic survey, led by the country's chief economic advisor Krishnamurthy Subramanian has accounted for the country's economy before parliament. Krishnamurthy said that his team has prepared a second economic survey in six months.
The economic survey says that the government should use its majority to bring about rapid reforms so that the economy can be rapidly derailed in the financial year 2020-21. The economic survey has said that governance needs to be promoting in public sector banks. At the same time, more flow of information is needed to strengthen trust. Business policy should be promoted, thereby allowing opening up the powers of competitive markets to generate wealth. The economic survey has indicated the need to take steps to start a new business, register property, pay taxes, and simplify the implementation of contracts.
The government's interventions to keep the prices of commodity commodities like onion stable are proving to be ineffective. The survey says that more reforms are needed to make business easier in the country. The survey says that weak global growth has affected India. Due to sluggish investment and weak global growth due to financial sector issues, the current economic growth has come down to a minimum level of a century. The economic survey says that the country's economic growth is projected to be between 6 and 6.5 percent in the financial year beginning April 1.
Tax collection may be reduced in the current financial year. GST is expected to increase the collection to the government, but there is no clarity about it. The economic survey says that the growth rate will grow at a pace of five percent in the current financial year. India has been counted among the major countries in the world. Several measures have to be taken by the Government to increase demand so that sluggishness can be removed. The survey says that some rules will have to be relaxed to increase growth. India is also affecting the weakness in global growth. Due to financial sector constraints, investment decline also led to growth in the current financial year. Target to double farmers' income by 2022. Government to provide loans and other facilities for small industries. Investment in roads and highways has increased three-fold between 2014-15 and 2018-19. 95 percent of the trade in the country is going through the sea. Il & FS has seen an atmosphere of concern in the NBFCs sector of the country. A health score has been prepared in the survey to deal with the crisis, with the help of which in the coming time.
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