Economic Survey 2020 urges public sector banks to improve governance, build trust

Economic Survey 2020: The economic survey tabled by Finance Minister Nirmala Sitharaman in Parliament on Friday afternoon asked the public sector banks to improve governance and build trust with the customers. It said that there is need for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.

Economic Survey projected India's economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1, saying growth has bottomed out. The growth in 2020-21 compares to a projected 5 per cent expansion in 2019-20.

"The deceleration in GDP growth can be understood within the framework of a slowing cycle of growth with the financial sector acting as a drag on the real sector," it said, while adding that the government must use its strong mandate to deliver expeditiously on reforms, which will enable the economy to strongly rebound in 2020-21.

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The two-volume Survey this year has been printed in lavender colour - the same as the colour of the new 100 rupee currency note, the oldest currency note in circulation in the country. It asked for government interventions to boost growth and called for new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.

To further make it easier to do business, the Survey called for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

Economic Survey advocates 10 new ideas that benefit markets as well as the economy.