(MENAFN- Kashmir Observer) New Delhi- Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey 2024-25 in the Lok Sabha.
The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.
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The document also provides an overview of the short-to-medium-term prospects of the economy.
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The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the chief economic adviser.
The first Economic Survey came into existence in 1950-51 when it used to be a part of the budget documents.
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In the 1960s, it was separated from the Union Budget and tabled a day before the presentation of the Budget.
The Union Budget for 2025-26 will be presented by the Finance Minister on Saturday.
Highlights of Economic Survey 2024-25
Following are the highlights of Economic Survey 2024-25:
* Indian economy to grow at 6.3-6.8 pc in FY26, against 6.4 pc in FY25
* India's economic fundamentals robust, backed by calibrated fiscal consolidation, stable consumption
* Navigating global headwinds will require strategic, prudent policy management
and reinforcing the domestic fundamentals
* Risks to inflation remain on account of significant global political, economic uncertainties
* Investment activity expected to pick up, supported by higher public capex and improving business expectations
* India needs to improve its global competitiveness through grassroots-level structural reforms
* Forex at USD 640.3 billion, sufficient to cover 10.9 months of imports and 90 per cent of external debt
* Ease of Doing Business (EoDB) 2.0 should be a state government-led initiative focused on fixing the root causes behind the unease of doing business
* India should redouble its efforts to boost exports and attract investment. One way to do this is to benchmark ourselves to the rest of the world rather than our past.
* India needs a continued step-up of infrastructure investment over the next two decades for high growth
* Only few states like Gujarat, Uttarakhand and Himachal Pradesh are able to cash on their high dependence on industrial sector to generate reasonable levels of incomes for their people
* Service oriented Indian economy vulnerable to automation, impact of AI is magnified for India given its size and its relatively low per capita income
* Corporate sector has to display a high degree of social responsibility
* Reserach to increase pulses, oilseeds, tomato, onion production needed to develop climate-resilient crop varieties, enhancing yield and reducing crop damage.
* India needs to grow by 8 per cent on average for about a decade or two to become a developed nation by 2047
* Investments need to grow at 35 pc, up from 31 pc, to achieve required growth
* Focus of reforms, economic policy must now be on systematic deregulation
* Need to develop the manufacturing sector further and invest in emerging technologies such as AI, robotics, and biotechnology.
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