The Union Finance Minister Nirmala Sitharaman is set to present the Economic Survey 2024-25 today, January 31, 2025. This crucial document serves as a comprehensive review of India’s economic performance over the past fiscal year and provides insights into future growth trends, challenges, and policy recommendations. The Economic Survey acts as a precursor to the Union Budget, which is scheduled to be presented on February 1, 2025.
Key Highlights of the Economic Survey 2024-25
1. India’s GDP Growth Projection
According to early reports, the Economic Survey is expected to project India’s GDP growth at 6.3% to 6.8% for the fiscal year 2025-26. This cautious outlook reflects the global economic uncertainties, including fluctuating commodity prices, geopolitical tensions, and supply chain disruptions.
Chief Economic Adviser (CEA) V. Anantha Nageswaran has indicated that the Indian economy remains resilient despite external challenges and expects steady growth in key sectors such as services, manufacturing, and agriculture.
2. Inflation and Fiscal Deficit Outlook
- Inflation remains a concern, but the survey suggests that it is moderating due to stable food prices and effective monetary policies.
- The fiscal deficit is projected to decline, aligning with the government’s target of bringing it under 4.5% of GDP by 2026.
3. Sectoral Performance Analysis
- Agriculture: The government’s agri-tech initiatives and rural credit expansion are expected to improve farm productivity.
- Manufacturing & Industry: Increased Make in India efforts and investments in green energy will drive industrial output.
- Services Sector: IT, fintech, and tourism are projected to be major contributors to GDP growth.
4. Employment and Job Creation
With India’s youth population growing rapidly, job creation remains a top priority. The survey discusses strategies to enhance skilling programs, boost employment in MSMEs, and promote startups to drive job opportunities across industries.
5. Social Sector & Welfare Policies
- Healthcare: Increased investment in public health infrastructure and digital health services.
- Education: Strengthening NEP (National Education Policy) 2020 implementation and expanding e-learning initiatives.
- Women & Child Welfare: Focus on empowering women through financial inclusion and entrepreneurship schemes.
6. Digital & Technological Advancements
The survey highlights India’s advancements in AI, blockchain, and digital payments, positioning the country as a global leader in technology-driven growth. Government policies are expected to focus on 5G expansion, cybersecurity, and fintech innovations.
7. Climate & Sustainability Initiatives
India’s commitment to achieving net-zero emissions by 2070 is reaffirmed in the survey. The focus will be on:
- Expanding renewable energy adoption
- Encouraging electric vehicle (EV) production and infrastructure
- Strengthening climate resilience in agriculture
Conclusion: Setting the Stage for Budget 2025
The Economic Survey 2024-25 provides a roadmap for India’s economic future, balancing growth aspirations with fiscal prudence and sustainability. As the country prepares for the Union Budget 2025, the insights from the survey will play a crucial role in shaping policies aimed at accelerating economic progress while addressing pressing social and financial challenges.
Stay tuned as we bring you live updates on the Union Budget and key policy announcements in the coming days!
