‘Bold Fiscal Measures Needed for Economic Green Shoots,’ Says Dr. Niranjan Hiranandani, President-ASSOCHAM, NAREDCO

Indian economy

The Economic Survey 2019-20, was tabled in Parliament by FM Nirmala Sitharaman today. It projects economic growth at 6-6.5 percent in the fiscal year starting April 1.

Reacting to Economic Survey 2019-20, Dr. Niranjan Hiranandani, President- ASSOCHAM and NAREDCO, said, “ASSOCHAM welcomes the positive outlook of Economic Survey report presented today where in India’s economic growth is projected at 6 percent to 6.5 percent in the next financial year starting April 1, 2020. However, we strongly advocate that the central government needs to announce bolder policy and fiscal measures to recover from sharp economic downturn and somnolent market scenario. The success of economic green shoots lies in connecting the right dots for economic prosperity in an immediate time frame.

The projected much tepid growth on the expected lines for the year 2019-20 at 5 percent reveals that growth has bottomed out. The Economic Survey highlighted the need to relax fiscal slippage in terms of prudent spending with a primary objective to bounce back from economic doldrums.

As India Inc well appreciates the significant progress of Nation’s global rankings across various parameters, there is a lot more bridges to build for nullifying the economic gaps. Proactive measures should be undertaken to push India among top 50 nations in global pecking order of Ease of doing business mechanism and make it globally competitive market. We strongly recommend bold fiscal stimulus in the labor intensive sectors which shall have domino effect to enhance employment generation and GDP ratio.”

Read complete Economic Survey 2019-20 here.

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