The Economic Survey is likely to project a 6.3-6.8 per cent GDP growth for the next fiscal year, sources said. The Survey 2024-25, authored by Chief Economic Advisor V Anantha Nageshwaran and his team, will be tabled in Parliament this afternoon. India's GDP is projected to grow at a 4-year low pace of 6.4 per cent in the current fiscal on weak manufacturing and investments, as per estimates of the National Statistics office. This is lower than the growth projected in last year's Economic Survey of 6.5-7 per cent and the Reserve Bank of India's 6.6 per cent estimate. The Economic Survey, tabled every year a day ahead of the Union Budget, gives a broad roundup on macroeconomic performance of the ongoing fiscal and a glimpse of how the next fiscal is likely to pan out.
The Economic Survey plays a crucial role in setting the tone for the upcoming Union Budget and provides insights into the government's economic policies and priorities. It serves as a roadmap for policymakers, investors, and businesses to gauge the economic outlook and plan their strategies accordingly.
Key Highlights of the Economic Survey:
- Projected GDP growth of 6.3-6.8 per cent for the next fiscal year
- Current fiscal year GDP growth estimated at 6.4 per cent
- Focus on weak manufacturing and investments impacting growth
- Comparison with previous year's growth projections
- Insights into macroeconomic performance and future outlook
Implications for Various Sectors:
The projected GDP growth rate has implications for various sectors of the economy. Sectors heavily reliant on manufacturing and investments may face challenges in the upcoming fiscal year, while service-oriented industries could see steady growth. It is essential for businesses to adapt to the changing economic landscape and explore opportunities for innovation and expansion.
Looking Ahead:
As the Economic Survey sets the stage for the Union Budget, all eyes will be on the government's policy announcements and fiscal measures to boost economic growth. The coming fiscal year will be crucial in determining the trajectory of India's economy and its recovery from the impact of the global pandemic.
