The Economic Survey 2024-25, presented by the Chief Economic Advisor to the Government of India, provides a comprehensive assessment of the nation's economic health.
Key Highlights of the Economic Survey 2024-25:
- Robust Growth Forecast: The Survey projects India's GDP growth to be in the range of 6.3% to 6.8% in the next fiscal year, underpinned by strong domestic demand and continued policy reforms.
- Focus on Inclusive Growth: The Survey emphasizes the need for inclusive growth that benefits all sections of society. It highlights the importance of addressing regional disparities, reducing poverty, and creating quality employment opportunities.
- Harnessing Technology: The Survey recognizes the transformative potential of technology, particularly Artificial Intelligence (AI), in driving economic growth and improving productivity. To capitalize on this technological revolution calls for responsible AI development and a skilled workforce.
- Fiscal Consolidation: The Survey emphasizes the importance of maintaining fiscal discipline while supporting growth.
It highlights the need for continued efforts to reduce the fiscal deficit and ensure debt sustainability. - Addressing Global Challenges: The Survey acknowledges the global economic headwinds, including geopolitical uncertainties and rising inflation.
It emphasizes the need for India to strengthen its resilience to external shocks and enhance its global competitiveness.
Key Sectors to Watch:
- Agriculture: The Survey highlights the importance of sustainable agriculture practices, including promoting organic farming and improving irrigation infrastructure, to enhance food security and rural livelihoods.
- Manufacturing: The Survey emphasizes the need to boost manufacturing output through initiatives such as the "Make in India" program and by improving the ease of doing business.
- Services Sector: The Survey recognizes the crucial role of the services sector in driving economic growth and employment. It emphasizes the need to enhance its competitiveness through skill development and innovation.
- Infrastructure Development: The Survey highlights the importance of investing in infrastructure, including transportation, energy, and digital connectivity, to support economic growth and improve people's lives.
The Road Ahead:
The Economic Survey 2024-25 provides a roadmap for India's economic future. By focusing on inclusive growth, harnessing technology, and addressing global challenges, India can achieve its ambitious goal of becoming a global economic powerhouse. However, successfully implementing the Survey's recommendations will require strong political will, effective policy coordination, and a collaborative effort between the government, the private sector, and civil society.