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In Charts: India's economy poised for robust growth ahead of Union Budget

India's economy is expanding at the fastest rate among major emerging economies, and tax receipts are higher, factors that could prompt Finance Minister Nirmala Sitharaman to increase spending in the new 2024/25 budget that will be presented to parliament on July 23

Reuters | July 17, 2024 / 18:09 IST
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India's economy is expanding at the fastest rate among major emerging economies, and tax receipts are higher, factors that could prompt Finance Minister Nirmala Sitharaman to increase spending in the new 2024/25 budget that will be presented to parliament on July 23. (Reuters Photo)
India's economy is expanding at the fastest rate among major emerging economies, and tax receipts are higher, factors that could prompt Finance Minister Nirmala Sitharaman to increase spending in the new 2024/25 budget that will be presented to parliament on July 23. (Reuters Photo)
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The Reserve Bank of India (RBI) has upgraded its growth forecast for the fiscal year 2024/25 to 7.2%, up from 7%, driven by a resurgence in private consumption, robust investment, and a rebound in exports.(Photo: Reuters)
The Reserve Bank of India (RBI) has upgraded its growth forecast for the fiscal year 2024/25 to 7.2%, up from 7%, driven by a resurgence in private consumption, robust investment, and a rebound in exports.(Photo: Reuters)
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Retail inflation in India has eased to around 5% from over 7% in 2022. Still, food inflation remains persistently high at around 9%, impacting rural and low-income urban households. (Photo: Reuters)
Retail inflation in India has eased to around 5% from over 7% in 2022. Still, food inflation remains persistently high at around 9%, impacting rural and low-income urban households. (Photo: Reuters)
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India's federal fiscal deficit, which exceeded 9% of GDP during the pandemic, is projected to remain around 5% for the current fiscal year.(Photo: Reuters)
India's federal fiscal deficit, which exceeded 9% of GDP during the pandemic, is projected to remain around 5% for the current fiscal year.(Photo: Reuters)
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However, the combined federal and state fiscal deficits are estimated at 7.9% of GDP, reflecting a large debt stock and high-interest burden that constrain the capacity for increased state spending.(Photo:Reuters)
However, the combined federal and state fiscal deficits are estimated at 7.9% of GDP, reflecting a large debt stock and high-interest burden that constrain the capacity for increased state spending.(Photo:Reuters)
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Despite a rebound in employment in manufacturing and services, high unemployment among the educated youth remains a challenge for Asia's third-largest economy.(Photo: Reuters)
Despite a rebound in employment in manufacturing and services, high unemployment among the educated youth remains a challenge for Asia's third-largest economy.(Photo: Reuters)
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India's goods and services exports are on an upward trajectory, despite concerns over a global slowdown and geopolitical risks.(Photo: Reuters)
India's goods and services exports are on an upward trajectory, despite concerns over a global slowdown and geopolitical risks.(Photo: Reuters)

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