Economic Survey 2024-25: GDP Growth Projected, Economy Could Grow up to 6.8% in 2026_on During the budget session of the parliament that occurred on January 31st, the Union Minister for Finance Nirmala Sitaraman presented the Economic Survey 2024-25. The document sets out the economic development of the country during the financial year 2025-26 and anticipates a grow of up to 6.3 to 6.8. The survey was published consecutively with the Union Budget 2025-26 and offers keen insights regarding the prevailing economic conditions, issues, and strategies moving forward.
What Does the Economic Survey Say?
– GDP projection: The Budget foresees an economic growth of India at 6.3% to 6.8% for FY 2025-26 which is quite higher than 6.4% which was prepared in advance the previous year.
– Key Drivers: Growth is expected to be supported by internal consumption, capital formation, and a robust services sector despite headwinds from abroad.
– Roadmap: Expansion of infrastructure, increase in exports, and employment targeting policies are highlighted.
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Budget 2025 Expectations: From Tax Reforms to Infrastructure Push
The Union Budget 2025-26, which is scheduled to be read on the 1st of February, will be published during highly anticipated times.
Specialists believe that this will most likely be the first complete budget of Modi 3.0, with announcements on the following:
– Income Tax Slab Modifications: Middle class may get some relief on tax.
– Infrastructure Development: Highways, railways and green energy projects will be allocated ₹50+ lakh crore for development.
– Rural and Educational Sectors: There will be increased allocation for MNREGA and strengthening of the new education policy.
Some of the Highlights of the Survey are:
Navigated by CEA V. Anantha Nageswaran
– It was submitted by a panel under the supervision of Chief Economic Adviser V. Anantha Nageswaran.
– This document commends India for its stamina in the face of international challenges (like the war in Ukraine and oil prices).
– We need to focus on agriculture and MSME sectors.
Schedule for Budget Session
– First Phase: January 31 to February 13 (Droupadi Murmu the President, addressed everyone in a joint session of the parliament).
-Second Phase: Comences March 10 to April 4.
– It is expected that 37 bills will be laid during this period and it will mainly focus on labor and education bills.
Expert Statement: What Do The Analysts Have To Say?
The Economic Budget is often criticized because its forecast is deemed as realistic. However, the scholars do point out that the government will have to do a lot of work under the budget to combat problems such as the global recession, unemployment, and inflation. There is a clear need to target this and a stronger emphasis on infrastructure investment and servicing could be beneficial.
Final Verdict: The Economics Survey 2025 is focusing on “Growth with Stability” for India. Now, all eyes are on Budget 2025, which will provide a glimpse of economic policies for the next five years. If the survey’s recommendations are implemented by the government, India will make a mark closer to being one of the top 3 economies in the world by 2026.