New Delhi plans economic development of up to 7percent
Date
7/24/2024 8:03:12 AM
(MENAFN) India's economic prospects for the current financial year and beyond have been outlined in a comprehensive report presented to Parliament, anticipating growth between 6.5percentand 7%. The economic forecast, disclosed ahead of Finance Minister Nirmala Sitharaman's upcoming federal budget announcement, underscores the resilience of India's Economy amidst evolving global dynamics.
Following the electoral victory of the National Democratic Alliance (NDA) coalition government, led by Prime Minister Narendra Modi, the economic survey projects a sustained growth trajectory of around 7percentper annum in subsequent years. Sitharaman, who previously served as finance minister in the interim government, will present the first budget of the newly elected administration.
The report, unveiled recently, highlights India's economic stability despite potential challenges posed by geopolitical conflicts in 2024. It cautions that such conflicts could disrupt supply chains, elevate commodity prices, reignite inflationary pressures, and potentially impede monetary policy adjustments. Nevertheless, the survey emphasizes that the Indian economy remains resilient, supported by controlled inflation rates, notwithstanding elevated prices in specific food items.
The document underscores the country's robust economic fundamentals and resilience in navigating global uncertainties, attributing this stability to ongoing reforms implemented over the past decade. It outlines a strategic path for sustaining growth rates above 7percentover the medium term by leveraging past reforms and fostering a conducive economic environment.
As India prepares to unveil its fiscal strategy for the upcoming financial year, the economic survey sets an optimistic tone, highlighting the nation's capacity to withstand external shocks while advancing its economic agenda. The forthcoming budget announcement is poised to articulate policies aimed at further bolstering India's economic resilience and fostering inclusive growth across diverse sectors.
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