Indian Economy Poised for 7% Growth, Says Economic Survey
The recent Economic Survey, unveiled in Parliament by Finance Minister Nirmala Sitharaman, forecasts robust growth for the Indian economy, suggesting it can achieve a medium-term growth rate exceeding 7%. This optimistic projection hinges on the continuation and expansion of structural reforms undertaken over the past decade.
To unlock this growth potential, the survey highlights the essential need for a collaborative effort—a tripartite compact—between the Union Government, State Governments, and the private sector. Such collaboration is deemed critical for driving sustained economic progress.
Significant shifts are evident in India’s financial sector, with primary capital markets playing a pivotal role. During FY24, capital formation in these markets reached ₹10.9 lakh crore, representing 29% of the gross fixed capital formation of private and public corporates in FY23.
However, the survey acknowledges that India faces a unique set of opportunities and challenges. Global trends, such as geo-economic fragmentation, self-reliance, climate change, technological advancements, and limited policy space, shape the country’s economic landscape. To navigate these complexities, the survey recommends a strategic pivot toward bottom-up reforms and strengthening governance structures. This approach aims to ensure growth that is not only sustainable but also balanced and inclusive.
In summary, the Economic Survey provides a roadmap for India’s economic future, emphasizing collaboration across various levels of government and the private sector. By capitalizing on the structural reforms of the past decade and adapting to global and domestic challenges, India can steer its economy toward a prosperous medium-term trajectory.
Original Story https://www.pratidintime.com/national/nirmala-sitharaman-union-budget-2024-live-updates
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