#Budget2024-25 | Economic Survey 2024: Balancing Growth And Challenges In India's Economy

Finance Minister Nirmala Sitharaman presented the Economic Survey on Monday, highlighting significant insights into India's economic trajectory. With a projected growth rate of 8.2% for fiscal year 2024, the survey underscores the economy's robust health and stability post-pandemic. Comparatively, GDP in FY24 surged 20% higher than FY20, a remarkable achievement achieved by few nations globally. Looking ahead, the survey forecasts a growth rate of 6.5% to 7% for FY25, slightly down from the previous estimate of 7.2%. Anticipating India to become the world's third-largest economy by 2030, the survey acknowledges challenges in bolstering the manufacturing sector, cautioning against overestimating India's ability to fill gaps left by China. Emphasizing bottom-up structural reforms, it calls for increased private sector investment and highlights persistently high food prices amidst looming global economic challenges. Addressing the employment landscape, the survey stresses the need to generate 78.51 lakh non-farm jobs annually, crucial given that 65% of India's population is under 35, though only 51.25% of youth are deemed employable. Acknowledging the transformative impact of technologies like Artificial Intelligence on job markets, the survey advocates for reforms to facilitate business ease, agricultural sector enhancement, and labor law adaptations to foster inclusive growth.