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The committee is likely to focus on reducing compliance burden for businesses acriss states, and may recommend steps to states to digitise systems, provide incentives to businesses, and liberalise standards and controls.
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India’s growth is set to dip to 6.4 percent in FY25, its lowest level in four years, pulled down by a likely decline in manufacturing and investment growth, according to preliminary data released on January 7.
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Oversight of regulatory institutions has not been bipartisan but controlled by the ruling administration
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Key budget announcements like support for gig workers, global capacity centres, and startups will unleash entrepreneurial talent. The Finance Minister’s fiscal discipline is praiseworthy, as India moves towards private sector-driven growth.
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Hope for the higher dividend has emerged after the RBI has sold dollars heavily in market worth USD 195.568 billion between April and November 2024.
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Finance Minister Nirmala Sitharaman on February 1 while presenting Union Budget 2025, announced that NaBFID will set up a ‘Partial Credit Enhancement Facility’ for corporate bonds for infrastructure.
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Of the total Rs 2.72 lakh crore, the National Highways Authority of India (NHAI) has been allocated around Rs 1.87 lakh crore as part of MoRTH’s capital expenditure plan for 2025-26, a 10 percent increase from 2024-25, when it was allocated Rs 1.68 lakh crore.
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Bharat Trade Net will help in trade documentation and financing solutions in international trade, and the finance minister said that it will be aligned with international practices.
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Though, Nageswaran said that the private sector has not been on the sidelines when it comes to investment, he acknowledged that the rate of growth has been somewhat slower than desired levels.
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His comments come at a time when there are concerns around a more pronounced slowdown in India’s urban consumption evident from lower sales of passenger vehicles and other key macroeconomic data points.
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India’s current growth rate is reflective of these external conditions rather than a domestic economic slowdown.
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The survey warns that the rapid integration of AI could exacerbate existing inequalities if its benefits remain concentrated among a few major corporations.
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The country's densely populated coasts and dotted with islands, make adaptation urgent in the face of threats like high tide flooding, storms and a rise in sea levels
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The survey stated that “technological developments that worsen inequality can erode any possible benefit that the innovation brings, leaving the public sector responsible for addressing the cost of the transition.”
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'Global real economic activity has been declining. There is a slowdown. However, India remains the fastest-growing among large economies of the world, Nageswaran stated
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The Survey said that democratisation of artificial intelligence risked jeopardising critical priorities like energy, water, housing, and even food security
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The Survey highlights the constraints that India will face in its endeavour to increase its share of manufacturing in its domestic GDP as well as in global manufacturing. Also, there is a clear global tendency to become inward looking. Under such circumstances, India has to carefully calibrate its own path.
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In contrast, Tamil Nadu has the highest number of factories per person, followed by Gujarat
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According to the report, a total of 2,031 kilometres of railway network was commissioned in the current fiscal year during April to November, which was slightly slower than the 2,282 km of rail network was commissioned in FY24 during the same period.
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The survey said the imperatives for AI developers is clear - to scale down resource consumption while trying to boost performance is not just a technical hurdle, but a defining bottleneck that will shape the future of AI.
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However, India's insurance penetration remains a mere 3.7 percent, significantly below the global average of 7 percent.
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The Survey added that the construction of national highways has slowed down in 2024-25. Data shows that 5,853 km of national highway was constructed during April to December in FY25, while 6,215 km of NH was constructed in FY24 during the same period.
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These comments came when the central bank has been spending dollars heavily in the forex market to defend Indian rupee from falling sharply in the last few months.
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The 2024-25 Economic Survey was tabled in Parliament on 31 January, marking the Budget Session's start. Chief Economic Adviser V. Anantha Nageswaran later shared insights. Traditionally, the survey precedes the Union Budget, except in election years when an interim statement is issued. Last year, a 'review' was presented on 31 January before the interim budget, while the full 2023-24 survey was unveiled in July after the new government took office.
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The survey added that one of the primary factors behind Rupee's depreciation in 2024 has been the broad-based strengthening of dollar, at a time of geopolitical tensions in the Middle East and uncertainty around the US election.
