Finance Minister Nirmala Sitharaman presented the Economic Survey in the Lok Sabha today i.e. on 22 July. The Department of Economic Affairs of the Finance Ministry presents the Economic Survey in Parliament every year just before the Union Budget. The Finance Minister said that GDP growth is expected to be 6.5 to 7% in the financial year 2024-25. The Union Budget will be presented tomorrow i.e. on 23rd July.
Let us tell you that the survey reviews the development in the Indian economy in the last 12 months. The survey also gives information about what to expect in this year's budget.
Know important things related to Economic Survey
- Reduction in prices of LPG, petrol and diesel
Global Energy Price Index declined in FY24(Financial Year 2024). The government cut the prices of LPG, petrol and diesel. Due to this, retail fuel inflation remained low in FY24. In August 2023, LPG prices were cut by Rs 200/cylinder. Whereas in March 2024, the prices of petrol and diesel were reduced by Rs 2/litre.
- Faced challenges due to loss of crops
The agriculture sector faced challenges due to inclement weather, depleting water reservoirs and crop losses. This affected agricultural production and food prices. Due to this, food inflation increased to 7.5% in FY 24. In 2023 it was 6.6%.
- Expected to add solar capacity through PM-Surya Ghar Yojana
The PM-Surya Ghar scheme is expected to add 30 GW of solar capacity. The initiative aims to create approximately 17 lakh jobs in the solar value chain. The PM-Surya Ghar scheme was launched in February this year with an outlay of Rs 75,021 crore.
- Indian economy needs increasing workforce
The Indian economy needs to create an average of about 78.5 lakh jobs annually in the non-farm sector by 2030 to meet the growing workforce needs.
Fiscal deficit expected to reduce by FY26
Fiscal deficit is expected to be 4.5% or less of GDP by FY26. Finance Minister Nirmala Sitharaman had also told this in the interim budget presented in February. Whereas in the financial year 2024-25, the fiscal deficit was estimated to reduce by 0.7% to 5.1%.
- India's real GDP will grow at the rate of 8.2% in 2024
India's GDP growth in the financial year 2024-25 has been estimated at 6.5 to 7%. It has been told that India's real GDP will grow at the rate of 8.2% in the financial year 2024. This is the third consecutive year when GDP was recorded more than 7%.