The Indian economy is “on a strong wicket and stable footing” with a projected real GDP growth of 6.5 per cent to 7.00 per cent in 2024-25, according to the Economic Survey unveiled on Monday ahead of Modi 3.0 budget presentation on Tuesday.
The survey, tabled by Finance Minister Nirmala Sitharaman, said the third largest Asian economy, which is on track to replace Japan as the third largest global economy before 2030, demonstrates resilience in the face of geopolitical challenges, adding that the headline inflation rate is “largely under control.0” It adds that the Reserve Bank of India expects inflation to be 4.5 per cent in FY 25 and 4.1 per cent in FY26.
The survey states that for recovery to be sustained, there has to be “heavy lifting on the domestic front” as the “environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate.”
“Going forward, the government’s focus must turn to bottom-up reform and the strengthening of the plumbing of governance so that the structural reforms of the last decade yield strong, sustainable, balanced, and inclusive growth,” the survey highlighted.
Source: www.khaleejtimes.com