More money in your wallet! Oil prices to decline this year, says Economic Survey

In what may bring cheers to the common man, the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman today said that oil prices are expected to decline in 2019-20.

 

In what may bring cheers to the common man, the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman today said that oil prices are expected to decline in 2019-20. If this happens, the decline in oil prices will help check inflation, helping people save money. The survey has projected GDP growth for 2019-20  to be projected at 7 per cent. Further, it said that the fiscal deficit in the current financial year would be 5.8 per cent.

Here are some key points of Economic Survey:

– The economic survey has said that decline in the non-performing assets (NPAs) should help push the capital expenditure cycle.

– General fiscal deficit seen at 5.8 percent in FY19 against 6.4 percent in FY18.

– January-March slowdown partly because of election-related uncertainty.

– Accommodative monetary policy to help cut real lending rates.

-Investment rate seems to have bottomed out.

– Accomodative MPC policy to help cut real lending rates.

– Investment rate seen higher in FY20 on higher credit growth.

– Investment rate seems to have bottomed out.

– Decline in NPAs should push up CAPEX cycle.

– Oil prices seen declining.

– Farmers may have produced less in FY19 on food price fall.

– General fiscal deficit seen at 5.8% in FY19.

– Jan-March economic slowdown due to poll related activity.

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