Economic Survey 2019: In what seems to be some really good news for Indian citizens, oil prices have been predicted to decline in FY20, as per the document. Finance Minister Nirmala Sitharaman said that if oil prices decline then it will help keep inflation in check. It will also help people save money, she added.

This comes as a major relief to Indians who had to bear the brunt of rapidly increasing oil prices that only stabilised around the General Elections.  

Separately, on Thursday, the Economic Survey predicted that the annual economic growth could accelerate to 7 per cent in FY20 from an estimated 6.8 per cent in the previous year. If that happens, it would help the country regain the fastest growing major economy title by overthrowing China. "The nation has maintained its macroeconomic stability by containing inflation within 4 per cent and by managing a current account deficit to GDP ratio," said the economic survey.

It added that India will face a challenge at the fiscal front following an economic slowdown impacting tax collections amid rising state expenditure on the farm sector.  

The survey, which traditionally has chapters on macro economy as well as industry and different sectors and the outlook, comes a day ahead of the Union Budget scheduled to be presented by Finance Minister Nirmala Sitharaman on July 5.

"Looking forward with excitement to table my first - and the new Government's first - Economic Survey in Parliament on Thursday. #EcoSurvey2019",  CEA Subramanian had tweeted.

It comes at a time when the economy is facing headwinds in manufacturing and agriculture sectors that saw growth rate slowing down to 5-year low of 5.8 per cent in the January-March quarter.