Union Minister of Finance and Corporate Affairs presented the Economic Survey 2024-25 before the Parliament | Current Affairs | Vision IAS
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ESC

The Economic Survey is a compilation of the Indian economy's performance and government policies, as well as the outlook for the upcoming financial year.

  • Prepared by: The Department of Economic Affairs in the Union Finance Ministry, under the guidance of the Chief Economic Advisor (CEA).
  • Focus of Economic Survey 2024-25: Driving domestic growth and resilience through deregulation.

Key Highlights of the Economic Survey 2024-25

  • Real Gross Domestic Product: Which maps economic activity from the demand side of the economy, in the current financial year (FY25) is pegged at 6.4%; in the coming year (FY26).
  • Headline inflation (Overall price level increase measurement): Is moderating because of moderating core inflation (inflation in goods and services except food and fuel).
  • Export Growth Amid Global Challenges: Total exports (goods + services) rose over $600 billion in the first nine months of FY25.
  • Concerns flagged by the Survey:
    • Unfavourable Global Economic Environment: Rising trade protectionism have slowed global trade and investment, 
    • China's Manufacturing Dominance: China accounts for a third of global production, surpassing the next 10 countries combined.
    • India faces limitations: In producing critical goods at the scale and quality required to serve the infrastructure and investment needs of an aspiring economy.

Survey’s Recommendation

  • Deregulate the Economy: Simplify regulations to unleash economic growth, lower the cost of doing business, and boost employment and income generation.
  • Infrastructure Development Focus: Public spending prioritized in physical, digital, and social infrastructure. Private sector participation critical for scaling projects under Viksit Bharat@2047.
  • Getting out of the way: Allowing businesses to focus on their core mission is a significant contribution that governments can make to foster innovation and enhance competitiveness.
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