India’s real GDP is anticipated to grow between 6.5 and 7 percent in the fiscal year 2024-25, according to the Economic Survey presented in Parliament by Finance Minister Nirmala Sitharaman on July 22.
This growth forecast, unveiled a day before Sitharaman’s Budget presentation for the current financial year, aligns with the International Monetary Fund’s estimate of 7 per cent.
“The survey conservatively projects a real GDP growth of 6.5–7 per cent, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side,” stated the Economic Survey.
Earlier, a report released by the finance ministry just days before the interim Budget for 2024-25 was presented on February 1, which estimated a GDP growth rate close to 7 per cent for FY25.
In June, the Reserve Bank of India adjusted its growth forecast for FY25 from 7 per cent to 7.2 per cent. Over the past three years, the country’s growth rate has consistently exceeded 7 per cent.
Prime Minister Narendra Modi, whose party fell short of reaching the half-way mark in the general elections, is widely expected to use strong tax collections and a record $25 billion dividend from the central bank to ramp up budget spending to address concerns over uneven economic growth.
