Economy is in better condition, GDP will grow at 6.5 to 7% in 2024-25
New Delhi, July 22 (HS): Union Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey of the financial year 2023-24 in the Lok Sabha. Presenting the Economic Survey, Sitharaman said that the condition of the Indian economy is better amid geopolitical challenges. She said that the growth of Gross Domestic Product (GDP) has been 8.2 percent in the financial year 2023-24. The growth rate is estimated to be 6.5-7 percent during the current financial year 2024-25. Economic Survey 2023-2024 was also presented in the Rajya Sabha.
The Economic Survey said that despite uncertain economic performance globally, growth factors at the domestic level have supported economic growth. He said that the growth of gross domestic product (GDP) in the financial year 2023-24 has been 8.2 percent.
Economic Survey expects relief on the inflation front:
The Economic Survey said that the increase in geopolitical tensions in the world and its impact will also affect the monetary policy of the Reserve Bank of India (RBI). The expectation of normal monsoon in the country and softening of import prices may provide relief on the inflation front. The Finance Minister said that the estimates of the International Monetary Fund (IMF) and the Reserve Bank seem 'correct'. However, the RBI has already expressed its forecast regarding inflation.
Presenting the Economic Survey, Nirmala Sitharaman said that India can increase its participation in the global supply chain with foreign investment from China. The survey said that India's policies have efficiently faced the challenges, while ensuring price stability despite global uncertainties. According to the Economic Survey, capital markets are now becoming a major role in the country's growth story.
Presenting the Economic Survey, the Finance Minister said that high levels of funding from the private sector and raising resources from new sources will be important for the construction of quality infrastructure. However, there is a lot of uncertainty in the Economic Review about the impact of artificial intelligence (AI) on employees with different skills. The review has estimated that new-age technology will increase productivity, but there may be adverse effects on employment in some sectors.
What is Economic Survey?
The Economic Survey is an annual document presented by the Central Government before the Union Budget, which contains an unbiased review of the state of the economy. The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance. It is prepared under the supervision of the Chief Economic Advisor of the country. It is presented in both the houses of Parliament. The Economic Survey reviews the developments in the Indian economy in the last 12 months. The survey also gives information about what should be expected in this year's budget.
