New Delhi: Finance Minister Nirmala Sitharaman is set to present the Economic Survey in Parliament on July 22, just before the Union Budget.
This survey acts as a report card for the economy and forecasts future growth. The document offers an in-depth look at the economic condition, prospects, and policy challenges, crafted by a team under the guidance of Chief Economic Adviser V Anantha Nageswaran.
It includes statistical data and analyses of different economic sectors, along with figures on employment, GDP growth, inflation, and the fiscal deficit.
India continues to be recognized as the fastest-growing major economy. The presentation of the Economic Survey coincides with the IMF’s recent upgrade of India’s economic growth forecast for FY25 to 7% from the 6.8% predicted earlier in April.
The IMF has adjusted India’s growth forecast to 7% for this year, citing the rollover effect from the previous year’s growth revisions and better prospects for private consumption, especially in rural areas.
The Reserve Bank of India, in June, increased its growth projection to 7.2% from 7%.
RBI Governor Shaktikanta Das highlighted that India’s average growth over the past three years stands at 8.3%, with a 7.2% growth projection for the current year.
He also noted that in the fiscal year 2023-24, India contributed 18.5% to global growth, marking a significant leap from the figures 7 or 8 years ago. According to the IMF, this contribution is expected to rise further.
