FICCI survey projects FY20 GDP growth at 5 pc, to improve to 5.5 pc in FY21

Industry body Ficci on Wednesday said its Economic Outlook Survey has projected the country's annual median GDP growth for 2019-20 at 5 per cent, in line with the projections made by the National Statistical Organisation (NSO).

The survey has put the median growth forecast for agriculture and allied activities at 2.6 per cent for 2019-20, the industry and services sector at 3.5 per cent and 7.2 per cent, respectively, during the current year.

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"Growth is likely to improve to 5.5 per cent in 2020-21 as per the projections," the survey said.

Further, as per the survey, the economic growth has been pegged at 4.7 per cent for the third quarter of 2019-20.

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The survey was conducted during December and January 2019-20 amongst economists belonging to the industry, banking and financial services sector, Ficci said.

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As per the first advance estimates of the national income released by the NSO, India's GDP growth is seen dipping to an 11-year low of 5 per cent in the current fiscal, mainly due to poor showing by manufacturing and construction sectors.

The survey further said concerns remain on external front with exports projected to contract in 2019-20. 

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