The Economic Survey of India, one of the most crucial documents in a country's developments, for the fiscal year 2024-25 has been tabled in the parliament.
The annual report prepared by the Ministry of Finance under the supervision of the Chief Economic Adviser (CEA) for the ongoing fiscal year of 2024-25 or FY25 was tabled in the Lok Sabha by the Finance Minister of India, Nirmala Sitharaman.
The CEA, V. Anantha Nageswaran will hold a press conference over the Economic Survey at 14:00 hours.
FY26 Growth Projected at 6.3 - 6.8 per cent
One of the key highlights in the report is the expected GDP growth rate in FY26, the next fiscal year. As per the report, India is expected to attain a growth rate of 6.3 - 6.8 per cent in FY26.
This comes at a time when the country's GDP has slowed down significantly in the recent past. In Q2, the Indian GDP slumped to 5.4 per cent, one its lowest in the recent past.
Retail Inflation To Soften
Furthermore, as per the economic survey, India's retail inflation will align progressively with the target of RBI's threshold of 4 per cent.
In addition, the report also talks about the near-term global growth rate, which is expected to be slightly lower than the trend level.
The report also projected that going forward, the rate of food inflation is likely to soften in the last quarter. |
Boosting Businesses To Boost Economy
As a result of this the country's trade outlook for the new fiscal year remains uncertain.
Amid the global uncertainties, the developments at the domestic front are also critical. As per the report, on the domestic front, rebounding rural demand augurs well for consumption.
The report also added that lowering the cost of business through deregulation is imperative.
The report also projected that going forward, the rate of food inflation is likely to soften in the last quarter.
There is also an emphasis on boosting the prospects of MSMEs and other other core engines of the economy, which would allow better growth of the economy at large.
