Sunstar TV
Sunstar TV Bureau: In 2023-24, the growth rate of the Indian economy will be 6.5-7 percent. This has been estimated in the economic survey report presented by Finance Minister Nirmala Sitharaman in the Parliament today. The Finance Minister claimed that India’s economy remains strong despite the challenging geographical and political situation in the world. Due to the appropriate fiscal policy of the government and the monetary policy of the Reserve Bank, the Indian economy is getting better after the Corona epidemic. Even after 2024-25, the development of Indian economy will be good. However, it will depend on the political and geographical situation of the world, financial markets and climatic risks. Nirmala Sitharaman believes that despite the fact that the world’s economic growth remained at 3.2 percent in 2023, India has grown at a high rate.
On the other hand, the economic survey report has expressed concern about many issues. It has been said that the investment in agriculture is not enough to increase the income of farmers. But the agricultural sector still has the potential to drive the economy. The report also warned about the effects of unhealthy diet, obesity and social media on mental health among young people. The economic survey report has warned that it is not good for the economy if children suffer due to academic pressure, environmental environment etc. Regarding the price increase, the report said that the bad weather is disrupting the agricultural work. Heavy rains during cultivation and rains during harvest are destroying the crops. Transportation of produce is affected due to heavy rains. Due to these reasons, vegetables and pulses are expensive.
Regarding inflation, the report said that it will remain at 4.5% in 2024-25 and will come down to 4.1% in 2025-26. Inflation will not exceed this threshold if monsoon rains remain normal and there are no external threats or policy instability. On the other hand, the report said that while the government is giving importance to investment, private investment has also increased. In addition, capital formation has grown at a rate of 9 percent in 2023-24. The country’s current account deficit stood at 0.7 percent of GDP in 2023-24. It was 2 percent of GDP in 2022-23. So India’s performance in this field is good. In the current state of the world, it is not easy to reach agreements with different countries on trade, investment and climate change. Therefore, to take the economy forward, we have to give more importance to the private sector, it is clear in the survey. While the short-term outlook for the economy is positive, the longer-term outlook needs to be clear. For this, the survey suggested that the government should adopt a six-point strategy. These are increasing domestic investment, expanding MSMEs, addressing policy bottlenecks by recognizing agriculture as the engine of future growth, greening the economy, narrowing the education-employment gap and enhancing the capacity of states, the report said.
However, the Economic Survey report has raised the curtain on how climate change has reached catastrophic levels in India. Climate change is the main culprit behind high vegetable prices. During the last two years, heavy summer heat, erratic monsoon rains, intermittent rainfall, hailstorms, incessant rains and prolonged dry spells have severely affected agriculture. That is why more money has to be counted while buying things from the market, says the survey report.
