While terming the outlook for India's financial sector as bright, the Modi government's economic survey has revealed that the real gross domestic product (GDP) is expected to grow at 6.5 to 7 per cent in the financial year (FY) 2025 amid the ongoing geopolitical crisis and economic slowdown across the globe.
"The survey conservatively projects a real GDP growth of 6.5–7 per cent, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side," according to the document. Notably, the growth estimated by the survey is in line with the International Monetary Fund’s (IMF's) estimate of 7 per cent.
In June, the Reserve Bank of India (RBI) revised the growth forecast for FY25 to 7.2 from 7 per cent. According to the official figures, the country has witnessed growth of over 7 per cent in the last three years.
Union Finance Minister Nirmala Sitharaman on Tuesday tabled the Economic Survey 2023-2024 in the Lok Sabha. Notably, the survey document by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser gives insights into the state of the economy and various indicators of 2023-24 (April to March) and some outlook for the current year.
_20240904172145_original_image_26.webp)
_20240904144114_original_image_24.webp)
