Economic Survey To Be Presented Ahead Of Union Budget, Forecasts Growth for India

Finance Minister Nirmala Sitharaman is set to present the Economic Survey in Parliament on July 22, a day before the Union Budget. This survey, prepared by Chief Financial Advisor V. Anantha Nageswaran, will assess India’s economic status, opportunities, and policy challenges, offering insights into employment, GDP growth, inflation, and budget deficits.

As India retains its status as the fastest-growing economy, the International Monetary Fund (IMF) has raised its growth forecast for FY25 to 7% from 6.8%. The IMF attributes this upward revision to improved private consumption, particularly in rural areas. In June, the Reserve Bank of India (RBI) also adjusted its growth forecast to 7.2%, indicating a sustainable trajectory towards 8% growth due to structural reforms like the Goods and Services Tax (GST).

RBI Governor Shaktikanta Das highlighted that India’s economy contributed 18.5% to global growth in the last fiscal year, a significant increase from previous years. The upcoming Economic Survey will provide a comprehensive overview of these developments and set the stage for the Union Budget, which is expected to focus on job creation and support for rural economies.