Economic Survey To Be Tabled In Parliament On July 22

The Economic Survey, prepared by a team led by Chief Economic Adviser V Anantha Nageswaran, provides a comprehensive analysis of the state of the economy, prospects, and policy challenges. This document offers statistical information and insights on various sectors, including employment, GDP growth, inflation, and the budget deficit.

India continues to hold its position as the fastest-growing economy. The Economic Survey’s presentation coincides with the IMF’s recent upward revision of India’s economic growth forecast for FY25 to 7 percent from the previously projected 6.8 percent in April.

“The forecast for growth in India has been revised upward to 7 percent this year, reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, especially in rural areas,” the IMF stated.

In June, the Reserve Bank of India (RBI) also adjusted its growth forecast, increasing it from 7 percent to 7.2 percent. The RBI anticipates that India will move towards an 8 percent GDP growth trajectory on a sustained basis, propelled by structural economic reforms such as the Goods and Services Tax (GST).

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RBI Governor Shaktikanta Das noted, “If you look at the average growth India recorded over the past three years, it averages 8.3 percent, and for the current year, we project 7.2 percent growth.” He highlighted that in the last financial year, 2023-24, India’s economy contributed 18.5 percent to global growth, a significant increase from 7 or 8 years ago. He added that the IMF projects this growth contribution will continue to rise.