New Delhi: Finance Minister Nirmala Sitharaman will present the Economic Survey, a report card on the state of the economy and the prospects for future growth, to Parliament on July 22, one day before the Union Budget.
This will be the first budget of the newly elected NDA government.
The survey thoroughly analyses the economy’s current status, future potential, and policy obstacles. It was prepared by a team of experts under the direction of V Anantha Nageswaran, the top economic adviser.
The Economic Survey offers data on employment, GDP growth, inflation, and the budget deficit, as well as statistical information and analysis on various economic sectors.
The economic survey will be released after the IMF increased its economic growth prediction for India for FY25 to 7% from 6.8% forecasted in April. India continues to have the fastest-growing economy.
“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said.
Likewise, the Reserve Bank of India modified its annual growth estimate from 7 percent to 7.2 percent in June 2024.
According to the RBI, India is headed toward a sustained GDP growth trajectory of 8%, propelled by structural economic reforms like the Goods and Services Tax.
“If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” RBI Governor Shaktikanta Das said.
Additionally, he stated that the Indian economy generated 18.5% of global growth in the most recent fiscal year, 2023–2024—a significant accomplishment considering that it was considerably smaller seven or eight years prior. He said that this growth will accelerate according to IMF projections.
