New Delhi, July 20: Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on July 22, a day ahead of the Union Budget, which will be a report card on the economy and also the growth outlook ahead. The survey gives a detailed account of the state of the economy, prospects and policy challenges. It is prepared by a team led by chief economic adviser V Anantha Nageswaran.

The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit. India has retained its tag as the fastest-growing economy, and the economic survey will be presented at a time when the IMF has just raised its economic growth forecast for the country for FY25 to 7 per cent from 6.8 per cent projected in April. Union Budget 2024-2025: Budget To Strengthen ‘Viksit Bharat’ Narrative, Focus on More Job Creation, Says Report.

"The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF said. In June, the Reserve Bank of India revised the growth forecast to 7.2 from 7 per cent. Union Budget 2024-25: Infra Push, Structural Reforms for Sustainable Growth Key Industry Wish-List.

The RBI sees India moving ahead towards an 8 per cent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as GST. "If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth," RBI Governor Shaktikanta Das said. He also said the Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth which is a major achievement as it was much lower 7 or 8 years ago. The IMF has projected that this growth will go up, he added.

(The above story first appeared on LatestLY on Jul 20, 2024 03:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).