New Delhi: On Monday, Assocham, a leading industry chamber, referred to the Economic Survey 2023–2024 as a ‘bold’ document, particularly in its ambitious job creation targets and its focus on leveraging AI for economic growth. The survey emphasizes the need to create 78.5 lakh jobs annually until 2030, indicating the government’s intention to capitalise on the fourth global industrial revolution by utilising cutting-edge technologies like artificial intelligence (AI).
Referred to as a “morale-booster India growth story,” Assocham said the Survey offers manufacturing and investor confidence as evidenced by an encouraging rise in Gross Fixed Capital Formation (GFCF). The Survey projects 6.5-7 percent economic expansion for the fiscal 2024–25 year, supported by a solid services sector.
“The Survey’s promising GDP projections for the current financial year come in the backdrop of 8.2 per cent economic growth in 2023-24. Growth is well spread across sectors like manufacturing, real estate and construction,” said Deepak Sood, Secretary General.
According to him, the private sector’s non-financial businesses’ outstanding 19.8% growth in GFCF in FY23 is a testament to their significant contribution to the economy and their role in the following year’s outstanding overall performance.
“The trend is expected to continue this fiscal as well and appears to be secular in nature,” said Sood.
The chamber observed that the survey appropriately emphasised deregulation and the private sector’s role as a driver of investment growth.
It stated that special attention should be paid to growing the manufacturing sector in India to create jobs for the ‘semi-skilled’ labour population, referring to individuals who have some skills and experience but may not have a formal education or extensive training.
“The role of MSMEs and their formalisation into the economy through various government initiatives like the Udyam Registration Portal and different schemes on credit guarantees have been well-recognised in the Economic Survey,” said the chamber.
On July 22, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-2024 in Parliament ahead of today’s Union Budget 2024-2025.
Every year, the government reviews the status of the economy in the Economic Survey, which is submitted before the Union Budget. The document also includes an outline of the economy’s short-to-medium-term prospects.
–IANS
