Sharp correction in FY19 GDP numbers; Budget for middle class; CEA tables Eco Survey


GDP numbers for the last fiscal saw a sharp correction in their first revised estimates. Budget 2020 has little choice but to focus on the only section largely neglected in both the previous Budgets – the Indian middle class. Addressing the media after presenting the Economic Survey 2020, the CEA expressed his confidence in achieving 6-6.5 per cent growth in fiscal 2021. Read for more top stories from the world of business and economy:

1. Oh! GDP grew only 6.1% – not 6.8% – last fiscal, says MOSPI

GDP figures for financial year 2017-18 were also revised downwards to 7 per cent, from 7.17 per cent reported earlier.

2. Budget 2020: Abki baar, Middle Class

Relief is long overdue. In fact, it’s inevitable. Middle class has borne the brunt of the plateauing of incomes in the past 4-5 years even as inflation has continued unabated.

3. India must follow China’s growth model to create jobs, suggests Economic Survey 2020

India can create 4 crore well-paid jobs by 2025 and 8 crore by 2030 by integrating “Assemble in India for the world” into Make in India.

4. Economic Survey 2020: CEA Subramanian sees fiscal slippage in FY20

Subramanian said the country might have hit the trough in growth and expressed his confidence in achieving 6-6.5 per cent growth in fiscal year 2020-21.

5. Oyo cuts staff strength by about 2,000, exits 200 cities as part of restructuring

Oyo claims that although it has slashed a significant workforce, there has been a lot of support that the start-up has given to the employees who have been asked to leave.

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