ASSOCHAM Praises Economic Survey: India’s Growth Story Shines
New Delhi [India], July 22: Industry body ASSOCHAM welcomed the Economic Survey, calling it a morale-booster for India’s growth story. The survey, presented by Finance Minister Nirmala Sitharaman, projects 6.5-7% economic growth for 2024-25, driven by the robust services sector, promising manufacturing, and investor enthusiasm.
The Economic Survey 2023-24 highlights India’s strong and stable economy, showing resilience despite geopolitical challenges. The Indian economy has consolidated its post-Covid recovery, with fiscal and monetary policies ensuring stability.
India’s service sector continues to significantly contribute to growth, accounting for about 55% of the economy in FY24. The sector is estimated to have grown by 7.6% in FY24. The survey’s promising GDP projections come after an 8.2% growth in 2023-24, with growth spread across manufacturing, real estate, and construction.
ASSOCHAM’s Secretary-General Deepak Sood praised the survey, noting the impressive 8.2% GDP growth in 2023-24. India’s economy grew 7.2% in 2022-23 and 8.7% in 2021-22. Sood highlighted the government’s forward-thinking approach and the importance of industrial growth, supported by domestic and global investors.
The survey emphasized the need for creating 78.5 lakh jobs annually until 2030, leveraging new technologies like AI. It also stressed deregulation and the private sector’s role in boosting investment, particularly in manufacturing for semi-skilled workforce employment.
Doubts Revealed
ASSOCHAM -: ASSOCHAM stands for The Associated Chambers of Commerce and Industry of India. It is an organization that represents the interests of trade and commerce in India.
Economic Survey -: The Economic Survey is a report presented by the government that reviews the country’s economic progress over the past year and gives projections for the future.
Finance Minister -: The Finance Minister is a government official responsible for managing the country’s finances, including the budget and economic policies. In India, the current Finance Minister is Nirmala Sitharaman.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country in a year. It helps measure how well the economy is doing.
Services sector -: The services sector includes businesses that provide services rather than goods, like banking, education, and healthcare.
Manufacturing -: Manufacturing is the process of making products, especially in factories. It includes industries like car-making, electronics, and textiles.
Secretary-General -: The Secretary-General is a high-ranking official in an organization. In this case, Deepak Sood is the Secretary-General of ASSOCHAM.
Deregulation -: Deregulation means reducing or removing government rules and restrictions to make it easier for businesses to operate.
Private sector investment -: Private sector investment refers to money put into businesses by private individuals or companies, not by the government. It helps businesses grow and create jobs.
