India’s government forecast a pick up in economic growth to 6.0-6.5% in the next fiscal beginning April 1, in its annual economic statement presented to parliament on Friday, but warned of a widening fiscal deficit.
India is facing its worst economic slowdown in a decade. Growth slipped to 4.5% in the July-September quarter, worsening the job prospects for millions of youth entering the workforce each year.
The government has estimated gross domestic product expansion at 5% for the financial year ending on March 31, which would be the slowest pace since the global financial crisis of 2008-09.
This year’s fiscal deficit target of 3.3% of GDP may have to be relaxed, the government said in the economic survey, released a day before Finance Minister Nirmala Sitharaman presents the budget for the fiscal year that ends in March 2021.
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