The Economic Survey, which will be presented on July 22, will give the growth outlook for the current financial year at a time when India has seen a spate of forecast revisions from international agencies.
The survey gives a detailed account of the state of the economy, prospects and the policy challenges. Prepared by chief economic adviser V Anantha Nageswaran, the survey will be presented a day ahead of the budget.
The International Monetary Fund (IMF) raised India’s growth forecast for FY25 to 7 percent from 6.8 percent projected in April, according to its World Economic Outlook released on July 16.
"The forecast for growth in India has also been revised upward, to 7 percent, this year, with the change reflecting carryover from upward
revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF said.
This is the second revision from the fund, it had earlier projected 6.5 percent growth for FY25.
In June, the Reserve Bank of India revised the growth forecast to 7.2 from 7 percent.
The country has grown over 7 percent over the last three years.
The economy grew 8.2 percent in FY24, with investment and manufacturing supporting growth.
On July 17, Asian Development Bank kept India’s FY25 growth forecast unchanged at 7 percent from its April outlook.
Fitch Ratings, on June 18, revised FY25 growth forecast to 7.2 percent from 7 percent estimated in its March outlook, citing recovery in consumer spending.
“Investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence. Purchasing managers survey data point to continued growth at the start of the current financial year,” the global ratings agency said in its Global Economic Outlook.
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