As per a survey, India's median GDP forecast for FY20 and FY21 is 7.1% and 7.2%, respectively. The survey poll among economists from the banking and financial services and industry sector was done in May 2019.
For the financial year 2019-20, the minimum and maximum growth estimate has been at 6.8% and 7.3%, respectively.
For agriculture and allied activities, the median GDP is estimated at 3% while for industry and services sector, the growth is pegged at 6.9% and 8% respectively during FY'20. For IIP, the median growth forecast is placed at 4.4% that comes with a minimum and maximum target of 3.3 per cent and 5.5 per cent, respectively.
For the period, WPI is expected to remain moderate with projections of 3.1% and the CPI levels have been retained at 4%.
"Concerns remain on the external front with median current account deficit forecast pegged at 2.1 per cent of GDP for 2019-20. Median export growth is pegged at 4 per cent in 2019-20. Imports, on the other hand, are forecasted to grow at 3.8 per cent in the same year," it added.
Further, the survey paints a gloomy picture of India's exports in the wake of current US-China trade war which is impacting the global growth outlook. The trouble has further worsened after the US has removed India from its GSP purview, wherein India had been the major beneficiary with a quantum of goods exported to the US in 2017.
Also, due to the ongoing elections, India could not do much in the regard as policy-making is restricted during election season.