Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 at 11 am in the Parliament today. This is her seventh consecutive budget after swearing in as Cabinet Minister in 2019.
Sitharaman first presented the Economic Survey on Monday in which the government painted a cautiously optimistic picture for the Indian economy. Real GDP growth rate is pegged at 6.5-7 per cent for the current financial year.
On the outlook for financial year 2025, the survey said that there are factors which can boost the growth in the current fiscal. It said, "A normal rainfall forecast by the India Meteorological Department and the satisfactory spread of the southwest monsoon thus far are likely to improve agriculture sector performance and support the revival of rural demand. Structural reforms such as the GST and the IBC have also matured and are delivering envisaged results. Considering these factors, the Survey conservatively projects a real GDP growth of 6.5–7 per cent."
Indian economy grew by 8.2 per cent in financial year 2024 on the back of momentum in manufacturing and constructions sectors. Going forward, the government expects trade to pick up which will further boost the economy. "While merchandise exports are likely to increase with improving growth prospects in advanced economies (AEs), services exports are also likely to witness a further uptick," the survey said.
For the unversed, Indian economy grew by 8.2 per cent in financial year 2024 on the back of momentum in manufacturing and constructions sectors. Going forward, the government expects trade to pick up which will further boost the economy. "While merchandise exports are likely to increase with improving growth prospects in advanced economies (AEs), services exports are also likely to witness a further uptick," the survey said.
