India to Grow at 6.3-6.8% in FY2025-26, Says Economic Survey

India to Grow at 6.3-6.8% in FY2025-26, Says Economic Survey

Mumbai: The Economic Survey of India for the year 2024-25 has projected the country's economic growth to be between 6.3 per cent and 6.8 per cent in financial year 2025-26.

The survey, which was tabled by Finance Minister Nirmala Sitharaman on Friday, aligns with an International Monetary Fund (IMF) forecast of 6.5 per cent but is lower than a World Bank estimate of 6.7 per cent.

Chief Economic Advisor V Anantha Nageswaran has stated that the country's economic fundamentals remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption.

Private Sector Urged to Drive Capital Expenditure

The survey recommends that the private sector drive capital expenditure as deregulation is recommended by Chief Economic Advisor V Anantha Nageswaran. "Getting out of the way and allowing businesses to focus on their core mission is a significant contribution that governments around the country can make to foster innovation and enhance competitiveness," he said.

Government Told to Boost Wages

The survey also urges companies to raise wages, addressing the rising gap between profits and falling salaries. Chief Economic Advisor V Anantha Nageswaran made an appeal for private sector-driven capital expenditure and deregulation.

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Using artificial intelligence (AI) to cut jobs may result in more taxes, warns the economic survey. The corporate sector needs to be more sensitive and socially responsible in deploying AI.

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