Budget 2019 | Economic Survey: The government on Thursday has forecast annual economic growth rate for the current fiscal at 7 per cent, that could help the country to regain the status of world’s fastest-growing major economy by overtaking China. The estimate is marginally up from the five-year low of 6.8 per cent recorded in the previous fiscal.

However, the survey has also stated that in order to become a five trillion dollar economy by 2025, India needs to sustain a GDP growth rate of 8 per cent. "The theme of #EcoSurvey2019 is to enable “shifting gears” to accelerate and sustain a real GDP growth rate of 8% and thereby achieve the vision of #Economy5trillion," Chief Economic Adviser K V Subramanian wrote on Twitter.

According to the Economic Survey for 2018-19, tabled by Finance Minister Nirmala Sitharaman in the Rajya Sabha, "real GDP growth for the year 2019-20 is projected at 7 per cent reflecting a recovery in the economy after a deceleration in the growth momentum throughout 2018-19."

Sitharaman said accommodative monetary policy is required to help cut real lending rates. The investment rate seems to have bottomed out. The decline in non-performing assets should push up the capital expenditure cycle.

She also said that the global crude oil prices are expected to decline in the current financial year 2019-20. But India's export prospects remain weak.

The fiscal deficit estimate for 2018-19 has been retained at 3.4 per cent of the GDP, same as projected in the interim Budget.

Besides, the survey has also provisionally estimated 2.9% growth rate for the agriculture,forestry and fishing sector. It highlighted the immense potential of data of societal interest, says data should be "of the people, by the people, for the people".

Highlighting India’s demography, the Economic Survey has also suggested increasing the retirement age could be considered given that life expectancy is likely to continue rising.

(with inputs from agencies)