New Delhi: Finance Minister Nirmala Sitharaman is set to table the Economic Survey in Parliament on July 22, just one day before the Union Budget. This annual document serves as a comprehensive report on the economy’s current state and provides a growth outlook for the future. Prepared by a team led by Chief Economic Adviser V. Anantha Nageswaran, the Economic Survey offers detailed statistical information and analysis on various economic sectors, including employment, GDP growth, inflation, and the budget deficit.
India, maintaining its position as the world’s fastest-growing economy, will present this Economic Survey amidst positive revisions from major financial institutions. The International Monetary Fund (IMF) recently raised its economic growth forecast for India for the fiscal year 2025 to 7 percent, up from the 6.8 percent projected in April.
“The forecast for growth in India has also been revised upward, to 7 percent, this year, reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” stated the IMF.
Similarly, in June, the Reserve Bank of India (RBI) revised its growth forecast to 7.2 percent from the previous 7 percent. The RBI projects that India is on track to achieve an 8 percent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as the Goods and Services Tax (GST).
RBI Governor Shaktikanta Das noted, “If you look at the average growth India recorded over the three years, the average comes to 8.3 percent, and for the current year, we have projected a 7.2 percent growth.” He also highlighted that the Indian economy contributed 18.5 percent to global growth in the last financial year (2023-24), a significant increase from the lower figures of 7 or 8 years ago. The IMF has projected that this growth will continue to rise.
As India prepares to present the Economic Survey, the country’s economic resilience and growth prospects remain strong, positioning it favorably on the global economic stage.