Economic Inquiry to be tabled in Parliament on July 22 | MorungExpress

New Delhi, July 20 (IANS) Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on July 22, a day before the Union Budget, which will be a report card for the economy and future growth prospects.

The study provides a detailed account of the state of the economy, outlook and policy challenges. It has been prepared by a team led by Chief Economist V Anantha Nageswaran.

The Economic Survey provides statistical information and analyses on various sectors of the economy, as well as data on employment, GDP growth, inflation and the budget deficit.

India continues to make its mark as the fastest-growing economy and the economic survey comes as the IMF has just raised its economic growth forecast for the country for fiscal year 2025 to 7 percent from 6.8 percent in April.

“India’s growth forecast has also been revised upwards to 7 percent this year. This change reflects the positive effects of the upward revisions to growth in 2023 and the improved outlook for private consumption, particularly in rural areas,” the IMF said.

In June, the Reserve Bank of India revised its growth forecast from 7 percent to 7.2 percent.

The RBI expects India to continue with GDP growth of 8 percent on a sustained basis, driven by structural economic reforms such as the GST.

“If you look at the average growth that India has experienced over the last three years, the average is 8.3 per cent and for the current year we have given a growth projection of 7.2 per cent,” RBI Governor Shaktikanta Das said.

He also said that the Indian economy contributed to 18.5 per cent of the global growth in the last fiscal year 2023-24, which is a big achievement as it was much lower 7-8 years ago. The IMF has predicted that this growth will increase, he added.