India to Remain Fastest-Growing Economy in 2024-25, Says Chief Economic Adviser V Anantha Nageswaran
New Delhi, India – Chief Economic Adviser V Anantha Nageswaran announced that India is set to remain the fastest-growing major economy in 2024-25. This statement was made during a press conference following the tabling of the Economic Survey in Parliament on Monday.
The Economic Survey projects India’s growth rate to be between 6.5% and 7.0% in 2024-25. Global institutions like the IMF, OECD, World Bank, S&P, ADB, and Fitch have also forecasted India’s growth to range from 6.6% to 7.2%. The IMF has recently increased India’s growth projection for 2024 from 6.8% to 7%, maintaining its status as the fastest-growing economy among emerging markets and developing economies.
According to official data, India’s GDP grew by 8.2% during the financial year 2023-24. The economy grew by 7.2% in 2022-23 and 8.7% in 2021-22.
During the press conference, the CEA also projected that India’s per capita income is expected to rise from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. He noted that household savings in physical assets have been increasing over the past three financial years, rising from 8% in 2020-21 to 12.9% in 2022-23.
“Households are not in distress; they are investing in financial assets that have performed well. Financial assets of households are not marked to market, so households are doing quite well in the aggregate,” said the CEA.
The Economic Survey emphasized the need for both banks and capital markets to provide the necessary finances sourced from sustained high levels of household savings.
Union Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament on Monday, a day before the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the chief economic adviser, provides insights into the state of the economy and various indicators for 2023-24 and offers some outlook for the current year. It also gives an idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday.
Doubts Revealed
Chief Economic Adviser -: The Chief Economic Adviser is a top government official who gives advice on economic policies and helps make decisions about the country’s economy.
V Anantha Nageswaran -: V Anantha Nageswaran is the person who is currently the Chief Economic Adviser of India. He helps the government understand and plan the economy.
IMF -: IMF stands for International Monetary Fund. It is an organization that helps countries manage their economies by giving advice and financial support.
World Bank -: The World Bank is an international organization that provides loans and grants to countries to help them improve their economies and reduce poverty.
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 shows how well the economy is doing.
Household savings in physical assets -: This means that families are saving money by buying things like houses, gold, and land, which can be useful in the future.
Per capita income -: Per capita income is the average amount of money earned by each person in a country in a year. It helps to understand how wealthy the people in the country are.
Union Finance Minister -: The Union Finance Minister is the government official in charge of managing the country’s finances, including the budget and economic policies. Currently, it is Nirmala Sitharaman.
Economic Survey -: The Economic Survey is a report presented in Parliament that gives detailed information about the country’s economy and helps plan the budget for the next year.
Parliament -: Parliament is the place where elected representatives meet to make laws and discuss important issues for the country.
