India to Finally Get Rid of Crushing Slowdown

The crushing slowdown may finally release its grip as the Economic Survey, which will be tabled in Parliament, predicts India’s growth rate in the range of 6-6.5 percent in Financial Year 2021. Annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013, owing to weakening demand and private investment.

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Slowing growth has put pressure on the government to expedite reforms as five rate cuts by Reserve Bank of India have hardly helped. The government is expected to announce tax concessions for individuals and increase spending on infrastructure after cutting corporate tax rates last year. The Economic Survey calls for strong reforms in Public Sector Banks and suggests the use of Artificial Intelligence to better utilise the wealth of data created by the government-owned banks.