On the 31 January, 2025, Finance Minister Nirmala Sitharaman unveiled the Economic Survey 2024-25! A huge document of the 482 is the road map for Viksit Bharat. Today, she is ready to pronounce the Union Budget 2025-26. In the meantime, have a swift look on the Economic Survey 2024-25 & highlights.
Just look the presented highlights, 1: India’s GDP expected to grow between 6.3 & 6.8 per cent in FY26. Real GDP estimated at 6.4 per cent in FY25, close to its decadal average. Real GVA estimated to grow by 6.4 per cent in FY25.
Capex grows at 8.2 per cent in July – November 2024 and expected to pick up further pace, retail headline inflation softened to 4.9 per cent in April – December 2024. India’s consumer price inflation to align with the target of around 4 per cent in FY26.
Overall exports grow 6.0 per cent (YoY) during April – December 2024. India’s services export growth surged to 12.8 per cent during April – December FY25, up from 5.7 per cent in FY24. Gross FDI inflows increase from USD 47.2 billion in first eight months of FY24 to USD 55.6 billion in the same period of FY25, a yoy growth of 17.9 per cent.
Forex at USD 640.3 billion as of end of December 2024, sufficient to cover 10.9 months of imports and approximately 90 per cent of external debt. Capacity addition in solar and wind power increases 15.8 per cent Year-on-Year in December 2024. BSE stock market capitalisation to GDP ratio at 136 per cent at the end of December 2024, far higher than china (65 per cent) and Brazil (37 per cent).
Economic survey advocates deregulation to accelerate and sustain economic growth. Continued step-up of infrastructure investment over next two decades needed to sustain a high growth. Rs50,000 crore self-reliant India fund launched to provide equity funding to MSMEs.
Agriculture expected to grow at 3.8 per cent in FY25. Kharif food grain production for 2024 is expected to reach 1647.05 lmt, an increase of 89.37 lmt over previous year. Key drivers of agricultural growth are horticulture, livestock & fisheries.
Industrial sector estimated to grow by 6.2 per cent in Fy25. Social services expenditure registers an annual growth rate of 15 per cent between FY 21 and FY 25. Government health expenditure increases from 29.0 per cent to 48.0 per cent; share of out of pocket expenditure in total health expenditure declines from 62.6 per cent to 39.4 per cent between FY15 and FY22.
Unemployment rate declines to 3.2 per cent in 2023-24 (July-June) from 6.0 per cent in 2017-18 (July-June)
Collaborative effort between government, private sector, and academia essential to minimise adverse AI societal effects.
Talking about Economic Survey 2025, Colin Shah, MD, Kama Jewelry suggest, Geopolitical tensions continue to be a major deterrent, disrupting the fund flows. In terms of trade, the outlook will largely be dependent on geopolitical tensions, trade tariffs, Dollar index. Gold prices are expected to stay elevated due to uncertainties, and lower rates.
The Indian government needs to focus on R&D, and upskilling of the workforce to stay relevant in the era of new-age tech, AI etc. The Gems & Jewelry sector has been using cutting-edge tech and innovation in terms of design to create an edge over manufacturers from other countries.
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