Budget 2020: 'Shot down truth and data', says Priyanka Chaturvedi on 10% GDP projection

As Finance Minister Nirmala Sitharaman announced a nominal growth rate projection at 10 percent, Shiv Sena leader and party spokesperson Priyanka Chaturvedi was quick to take a dig at the Centre, stating that the government has shot down the truth and data parameters in projecting the nominal growth rate of 10 percent for the year 2021.

The Shiv Sena leader connected the nominal growth rate to the controversial slogan raised by Union Minister Anurag Thakur during a rally in poll-bound Delhi.

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10 percent nominal GDP growth rate projection

FM Sitharaman has pegged the GDP growth rate at 10 percent whereas the Economic survey 2020-21 presented in the Parliament on January 31 pegged economic growth in the range of 6 percent to 6.5 percent. The economy is battling a slowdown. The Reserve Bank of India (RBI) has revised its real GDP growth for the year to 5 percent, from 6.1 percent earlier.

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The nominal GDP growth rate of the country refers to the rate at which the nominal Gross Domestic Product of a country is increasing. A projected rate of 10 percent for 2020-21 in claimed by opposition to be highly unachievable when the economy had registered a slump in the growth rate to 4.5 percent in the July-September quarter in 2019.

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The Budgetary session commenced from January 31 with the budget being presented on February 1. The first phase of the session will conclude on February 11, while the second part of the session will begin from March 2 and end on April 3. On January 31, the government presented the economic survey which gave an overview of how the economy fared in 2019. The Indian economy gained a lead ahead of the UK and France to gain the fifth position in terms of GDP by making a 2.9 trillion dollar economy. According to the economic survey 2020, despite a slowdown in the Indian economy, it has managed to stay afloat in the global slowdown, faring better than the BRICS nations such as Brazil, Russia, South Africa and is on par with China.

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