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Govt anticipates India's GDP growth to accelerate to 7.5% in FY20: Garg

Expressing optimism over growth of Indian economy, the Finance Ministry has said that it expects Gross Domestic Product (GDP) growth to accelerate to 7.5 per cent in 2019-20 (FY20) from 7.2 per cent projected for the current fiscal (FY19).  Besides, the growth was 8.2 per cent in 2016-17, the year in which the government demonetised high-denomination currency notes of Rs 500 and Rs 1,000.

Economic Affairs Secretary Subhash Chandra Garg has said 'We are looking at nominal growth of 11.5 per cent for 2019-20. Our assumption is 7.5 per cent real growth and 4 per cent inflation. We have been reasonable.'

Clarifying focus of the Budget 2019-20, Garg said it has tried to touch a major portion of the population of the country in some way or the other. Second is the conviction of the government that don't give doles but invest in the long-term asset creation with a view to making the life of people better. Invest in real factors, which build the life, which can make things more and more productive.  

He further said the other distinguishing feature is that there should be fiscal consolidation and no expansionary policy, otherwise, it fuels inflation and crowd out private investment. He added that enhancement of rural connectivity, rural electrification and housing for all are efforts in that direction.

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