National Statistical Office (NSO) released the first advance estimates of the national income that projected growth in India’s GDP at market prices for 2019-20 at 4.98% in “real” terms, the lowest since the 3.89% in the global financial crisis year of 2008-09. But even more significant was the estimated growth of 7.53% in “nominal” terms, which is the lowest since the 7.35% for 1975-76.
This is concern because of the following reason:
- The growth rate is against the target of 5 trillion economy by 2024. Minimum growth rate of 12% is required to achieve the target.
- It shows slower growth rate of Production and Prices.
- Low prices means low salaries and hence low investment.
- The low nominal GDP growth rate means low taxes and hence small room for Government to work.
- The government will be under more pressure to adhere to the fiscal deficit target.
CGPCS Notes brings Prelims and Mains programs for CGPCS Prelims and CGPCS Mains Exam preparation. Various Programs initiated by CGPCS Notes are as follows:-