Chief Economic Adviser Krishnamurthy V Subramanian on Saturday mentioned that Indians at district levels have ambitions similar to Shruti — a character played by Anushka Sharma in Band Baaja Baaraat (2010). "They are the wealth creators at the grassroots," CEA said.
“It looks like from the map that there are many-many Shrutis like that all over the districts in India ...These entrepreneurs at the grassroot level are also helping the local economy because an improvement in new firm creation also leads to GDP growth. An increase in 10 per cent of new firm creation translates into an increase of 1.8 per cent in the GDP growth in the district," he said.
The CEA just referenced BAND BAAJA BAARAT??— daridraniki dashavataram (@suburbanaxal) January 31, 2020
Chief Economic Adviser KV Subramanian on Friday said that India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out. As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.
The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21. The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.
This year's Budget assumes tremendous significance as the Indian economy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress and a dip in GDP growth. While beginning her Budget speech, the Finance Minister had said that the focus would be on increasing incomes and elevating purchasing power.
In the Economic Survey 2019-20 tabled on the floor of the Parliament on Friday, the GDP growth for the next fiscal year has been pegged at 6-6.5 per cent. This is much more than the IMF estimate.
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