NEW DELHI: The Economic Survey 2024-25 presents a cautiously optimistic view of India’s economic trajectory, forecasting a real GDP growth rate of 6.4% for FY25, despite a mixed global economic outlook. The global economy saw modest growth of 3.3% in 2023, with inflation rates fluctuating across different regions.
However, India’s economy is proving resilient, driven by strong private consumption, a booming services sector, and significant government investment.
A key highlight from the survey is the significant decline in inflation rates, which have dropped to 4.9%. This, alongside a reduction in non-performing assets (NPAs) to a 12-year low, underscores the strength of India’s banking sector.
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The financial health of the country has been bolstered by an increase in credit to micro, small, and medium enterprises (MSMEs), which is vital for fostering entrepreneurial growth and job creation.
India’s export sector also remains robust, particularly in services, helping offset the current account deficit of 1.2% of GDP. This strengthens the outlook for continued foreign exchange reserves and overall economic stability.
On the infrastructure front, the government’s focus on capital expenditure has resulted in significant progress in transport and energy sectors, laying the foundation for future growth. Investments in these sectors are expected to create jobs and improve overall economic efficiency.
The survey also emphasizes increased social sector spending, particularly in health and education, which is expected to drive improvements in human capital.
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Additionally, the agricultural sector continues to grow, with greater emphasis on sustainability and farmer support.
Overall, the Economic Survey presents a promising outlook for India’s economy, highlighting the positive impact of government reforms, increased investments, and proactive policy measures. With continued focus on infrastructure and social development, India is poised for sustained economic growth in the years ahead.
