India’s Economic Growth remains Stable at 6.4% GDP Growth: Economic Survey
The observation made during the Economic Survey 2024-25 comes amid proposals of de-regulation to effectuate growth and revenue
Economic Survey – GDP Growth – Economic Growth – taxscan
Economic Survey – GDP Growth – Economic Growth – taxscan
The Economic Survey 2024-25 was tabled in the Lok Sabha and Rajya Sabha today. Spearheaded by Chief Economic Advisor (CEA) to the Government of India, V. Anantha Nageswaran, the Economic Survey has projected India’s Gross Domestic Product (GDP) growth at 6.4% for FY25, highlighting the country’s resilience amid global economic uncertainties.
The Economic Survey, traditionally presented a day before the Union Budget, provides the key drivers behind the moulding of the Union Budget and the tenets factored in while crafting the Union Budget, a key factor in deciding the economic implications on 1.5 Billion people residing in India.
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While CEA Nageswaran in his key-note address touched upon a number of relevant areas that directly impact the economy of India, a subject that really stuck out was the relevance of India in the global manufacturing space. The ‘World Development Indicators’ released by the World Bank indicates the nosedive experienced by high-income countries in the last decade, many other countries sought to cash in on the gap.
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China, being a key player in the manufacturing industry commands 28.8 percent of the market share while India has about 2.8 percent of the global share, with an opportunity to climb up the ladder, states the Economic Survey 2024-25.
The World Economic Outlook, released by the International Monetary Fund in October 2024 briefs upon India’s potential to scale up the industrial sector with manufacturing production increasingly shifting towards emerging market economies such as China and India.
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Viksit Bharat 2047 as envisioned by the Government of India would require the economy to expand at the rate of 8% every year for a decade or two. Often facing the ire of the opposition regarding the vices of unemployment, the Union Government shall be required to create about 78.5 lakh non-farming jobs annually until 2030 to productively engage its growing working population.
The Economic Survey 2024-25 highlights global risks to be tended to, including the strengthening US dollar and the Federal Reserve’s policy shifts, which have weakened emerging market currencies and increased sovereign borrowing costs.
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Climate Finance and related aspects were another important factor in Chief Economic Advisor V. Anantha Nageswaran’s address, emphasizing India’s limited production capacity in solar energy components and the need for enhanced domestic and foreign investment to boost competitiveness.
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All things considered, the Survey projects balanced growth for the Financial Year, with challenges from geopolitical uncertainties, trade risks, and commodity price fluctuations that could prove roadblocks for future growth. Added focus on capital expenditure, infrastructure development, and policy reforms shall also be crucial in pushing economic development.
With all eyes on Finance Minister Nirmala Sitharaman, the presentation of the Union Budget 2025-26 tomorrow shall provide a crystal-clear view of the course of the Nation.
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