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Economic Survey 2020: Growth Or Fiscal Deficit, Choose One, Says CEA
The Economic Survey 2020 that is by and large the report card of the country's economic performance in the year gone by has been tabled in the parliament. For FY20, the Economic Survey suggested to revise the fiscal gap target lower, also at the same time, for FY 21 to take the economy out of a severe slowdown which claws to 11-year low, there needs to be taken counter cyclical steps that spur growth.
Since, the last presentation of the Economic Survey, the condition of the economy has only worsened. While there have been steps taken since Union Budget 2019, the results have not been realized yet.
The Economic Survey also said to keep the fiscal deficit in check, resorting to a cut back in capital expenditure shall also not work and in fact will adversely impact the economy. In the budget 2019-20, the fiscal deficit was deficit was budgeted to be at 3.3% of GDP.
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