NEW DELHI, July 4 (Xinhua) -- India's gross domestic product (GDP) growth is projected at 7 percent in financial year 2019-20, according to the Economic Survey tabled in country's Parliament on Thursday.
The report prepared by chief economic adviser to Indian government K V Subramanian was first tabled by federal Finance and Corporate Affairs Minister Nirmala Sitharaman in Rajya Sabha, the upper House of Indian parliament.
The survey was later tabled in Lok Sabha, the lower House of Indian parliament.
"The economic survey has predicted 7 percent GDP growth in financial year 2019-20 on stable macro economic conditions," an official said.
The Economic Survey pegs the fiscal deficit at 5.8 percent in FY 2019.
The growth projection is higher than a five-year low economic growth of 6.8 percent for the financial year that ended on March 31.
As per the Economic Survey, the real GDP growth projection for 2019-20 reflects a recovery in the economy after a deceleration in the growth momentum in 2018-19.
The Economic Survey lays a strong emphasis on job creation. It further looks at private investment as the "key driver" to generate jobs.
According to the Economic Survey, India needs to grow at 8 percent per year to be a 5-trillion-U.S.-dollar economy by FY 2025. However, it said lower global growth and increased uncertainty over trade tension may hit exports.
"Investment, especially private investment, is the key driver that drives demand, creates capacity, increases labor productivity, introduces new technology, allows creative destruction, and generates jobs," the report said.
The release of Economic Survey 2018-19 comes a day ahead of presentation of the annual budget.
Experts said the survey highlights policy initiatives of the government and a roadmap to further boost the economy.
The latest Economic Survey is the first by the re-elected Narendra Modi government.
