FY21 may pick-up to 6-6.5%, need to relax fiscal target: Economic Survey

New Delhi: India's economy might see an upswing as GDP growth rate for FY21 is seen at 6-6.5 per cent, said the Economic Survey 2019-20 on Friday.

The survey was tabled by Finance Minister Nirmala Sitharaman.

Accordingly, the survey suggested that fiscal consolidation target needs to be relaxed from the current 3.3 per cent of the GDP to revive growth.

It pegged the FY20 growth rate to 5 per cent.

At present, the Indian economy suffers from a slowdown which is the culmination of stagnant wages, distressed farm sector and high inflation and lower industrial production.