The country is on the path of development, messages from the economic survey… Understand from experts how special will the general budget be 2024 ?

Finance Minister Nirmala Sitharaman presented the Economic Survey Report 2024 in the Lok Sabha on Monday. Nirmala Sitharaman said that the country’s economy is in a strong position. It is expected to grow by 6.5 to 7% during the financial year 2025.

New Delhi: Finance Minister Nirmala Sitharaman will present the general budget on Tuesday (July 23) at 11 am. The whole country is looking at this new budget of Sitharaman, because farmers are waiting for their double income.

While people associated with the manufacturing sector to small, cottage industries are hoping for more help from the government. Women also want gifts for themselves from Sitharaman’s box. Before the budget (Budget 2024), the Finance Minister presented an account of the country’s economic condition in Parliament on Monday. A glimpse of a strong economy was seen in the economic survey.

The message from the survey was that the country has started moving rapidly on the path of development. In such a situation, it is expected that its mark will be seen in the budget as well. This time the general budget is going to be very special. There are 5 important aspects of the economic survey presented by the Finance Minister:-
First- The country’s GDP rate is estimated to be between 6.5 to 7% in the financial year 2024-25.
Second- Inflation will be controlled.

Third- Current Account Deficit will also improve.

Fourth- The banking system will become stronger.

Fifth- The reduced prices of LPG and diesel petrol will strengthen the economic health.

According to the Economic Survey, India’s real GDP growth was 8.2% in FY 2024. It was more than 8% in three out of four quarters of FY 24. At the same time, real GDP growth is estimated to be between 6.5-7% in FY 2025. The reason for this is also that the trade deficit was less in FY 24 as compared to FY 23. The current account deficit was about 0.7% of GDP. In FY 2024, government expenditure fell from 17.7% in FY 2021 to 15% of GDP. On the strength of this pace of development, the Government of India is confident that the dream of developed India will be realised.

general budget

Inflation will also be curbed

After employment, the biggest question for the common people is inflation. That inflation has also been discussed in the economic survey. It is believed that the atmosphere of war and tension at the global level became a factor in increasing inflation. At the same time, the uncertainty of monsoon also worsened the situation. Nevertheless, the government has said in the economic survey that after an average of 6.7% in FY 23, the retail inflation rate came down to 5.4% in FY 24.

“The outlook of the Indian financial sector will remain bright”: Highlights of Economic Survey 2023-24

PlayUnmuteChances of reduction in prices of LPG and diesel petrol
The government had a big issue in the recent past to provide relief to the people, that was the reduction in the prices of LPG and diesel petrol. It has been believed in the Economic Survey that the government reduced the prices of LPG, petrol and diesel. In March this year, the prices of petrol and diesel were reduced by Rs 2 per liter, due to which the retail fuel inflation rate remained low in FY 24.

What is special in the Economic Survey?

-India in mission mode to tackle climate change
-Services exports increased by 4.9% to $341 billion
-Retail fuel inflation remained low in FY 2024
-Inflation rate is expected to be 4.2% in 2026

-Inflation rate is expected to be 4.5% in FY 2025
-Retail inflation rate 6.7% in 2023, 5.4% in 2024
-Market capitalization of the stock market has increased significantly
-Raised capital of Rs 10.9 lakh crore from private capital market
-Economy in good condition despite global challenges
-Real GDP increased by 20% after the Corona period
-GDP growth is estimated to be 6.5% to 7% this year
-Real GDP 8.2% in FY 2023-24
-Energy requirement will increase 2.5 times by 2047
-Unemployment rate in 2022-23 Decreased to 3.2%
-Net payroll under EPFO ​​doubled in 5 years
-About 57% of the total workforce is self-employed
-78.5 lakh jobs need to be provided every year

-Role of corporate sector should increase in job creation
-Agriculture growth rate at constant prices 1.4% in 2023-24
-Emphasis on adopting smart agriculture technology
-Initiatives like Digital Agriculture Mission, e-National Agriculture Market
-Great performance of banking and financial sectors in 2024
-Current account deficit reduced by 0.7%
-Focus on private sector and PPP
-Emphasis on making India a global drone hub by 2030

Economic activities in the country fastest in April in 14 years: HSBC survey

What is the opinion of experts about the economic survey?

According to the economic survey, the economic health of the country is good, so should it be considered a sign that the government can give tax relief to employed people? In response to this, Axis Bank’s Chief Economist Neelkanth Mishra says, “There is not much link between the economic survey and the budget. The economic survey is published by the Chief Economic Office. It presents the financial condition of the country. The survey says that the government should reduce its control. There is a lot of good in this. But in reality, all these things are not implemented very quickly. Therefore, I think it would not be very beneficial to directly link the points of the economic survey to the budget.”

Neelkanth Mishra says, “Of course, an important aspect in the economic survey is the growth target. The economic survey says that according to the market conditions, the country’s GDP is above 6.5 to 7 percent. The survey has very good medium term recommendations. If these are implemented, then the government’s policies can become even better in the coming days.”

Which are the sectors where you feel that the government should reduce its control? In response to this, Neelkanth Mishra says, “Talking about reducing power in the economic survey means relaxing the licensing policy. Especially MSM

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