THE JHARKHAND STORY DESK
New Delhi, July 22: Finance Minister Nirmala Sitharaman presented the Economic Survey in the Lok Sabha today, Monday. She mentioned that several measures have been taken to ease business operations.
She said that despite numerous challenges, India’s economy has maintained its momentum from the fiscal year 2023 into fiscal year 2024. In FY 2024, India’s real GDP grew by 8.2%, surpassing the 8% mark in three of the four quarters.
FY25’s GDP projected to be 6.5%-7%
Nirmala Sitharaman explained that focusing on maintaining macroeconomic stability ensured that external challenges had minimal impact on India’s economy.
Notably, in this Economic Survey’s, government’s entire focus the agriculture sector, the private sector, and public-private partnerships (PPP). The survey also mentions India’s GDP projection for FY25, estimating the country’s GDP growth to be between 6.5% and 7%.
Challenges in export
In the Economic Survey, the government highlighted a major challenge on the export front, noting that global challenges might cause some setbacks for exports. However, the government remains fully alert to this issue.
The government also expressed concerns about potential challenges in global business, which could impact capital flows.
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Need to create 78.5 lakh jobs annually in non-agriculture sector
According to the Economic Survey, approximately 57% of India’s total workforce is engaged in self-employment. The youth unemployment rate has decreased from 17.8% in 2017-18 to 10% in 2022-23.
The survey also indicates that the non-agriculture sector will need to create an average of about 78.5 lakh jobs opportunities annually by 2030.
The Economic Survey states that the emphasis on capital expenditure by the government and the continuous increase in private investment have boosted Gross Fixed Capital Formation. There has been a 9% increase in this metric in 2023-24.
Fiscal deficit expected to reduce
The Economic Survey estimates that India’s fiscal deficit is likely to decrease to 4.5% by FY26. It also notes that the government’s primary focus is on enhancing the capabilities of the states.
According to the survey, the country has experienced a rapid recovery following the COVID-19 pandemic. The survey highlights that India’s real GDP growth in FY 2024 has increased by 20% compared to FY 2020.
Primary market generated capital formation of Rs 10.9 lakh crore in FY24
The Economic Survey reports that the primary market raised ₹10.9 lakh crore in capital during FY 2024, compared to ₹9.3 lakh crore in FY 2023.
The Nifty-50 index of the stock market saw a 26.8% increase during FY 2024, whereas it had experienced an 8.2% decline in the previous fiscal year.
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