ECONOMY
Economic Survey 2023-24 pegs real GDP growth for FY25 at 6.5% to 7%
- IBJ Bureau
- Jul 23, 2024
Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-24 in Parliament. The survey projects FY25 real GDP growth at 6.5 to 7 per cent with risks evenly balanced. It notes that market expectations are high and emphasises the potential impact of rising geopolitical uncertainties on capital flows.
The survey goes along with the RBI’s projection of CPI inflation of 4.5 and 4.1 per cent in the current year and next year. Public debt to GDP ratio is expected to come down in coming years due to higher nominal growth rate.
India needs to recognise and address challenges posed by its dependence on China for critical minerals and examine the implications of phasing down coal on bank balance sheets as it accelerates its green transition, the survey has stressed.
As a part of its national plan to contribute to meeting the global goal of limiting the average temperature rise to 1.5 degrees celsius, India has committed to reducing emissions by 45 per cent below 2005 levels by 2030, achieving 50 per cent cumulative electric installed capacity from non-fossil fuel-based energy resources and creating a carbon sink of 2.5 to 3 gigatons of carbon dioxide equivalent through additional forest and tree cover.
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