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Business Updates: Today was the beginning of the budget meetings in Parliament. Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 in the Lok Sabha on this very occasion.
The budget meetings of Parliament have started from today. This second session of Parliament will continue till August 12 after the Modi government came to power for the third time. Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 in the Lok Sabha today on this occasion. This is the Economic Survey for Financial Year 2023-24. It contains a lot of issues of importance to the economy, such as GDP growth, inflation, employment rate, fiscal deficit, and the like.
This is the major financial document placed before the budget. According to this, GDP growth estimate for the current financial year is pegged to be in the range of 6 per cent to 6.8 per cent for FY24. It is far below the statistics ministry’s new estimate of 8.2 percent GDP growth in FY 24. The survey mentioned that India would actually see economic growth of between 6.5 to 7 percent for the next financial year 2025. Thus, the actual growth may be a modicum lower or higher than this.
On the other hand, as per economic survey, there are hurdles in world economy; capital flows will take a hit. Service sector, no doubt, may post good growth ahead. Role in job creation will definitely enhance at corporate sector end. The jobless rate in urban areas is likely to come down to 6.7 percent for the three months ending March 2023. There are less hiring done in IT sector in the current financial year. If the economy is to cater to its growing workforce, India would require an average of 78.5 lakh jobs every year in the non-agricultural sector by 2030.
The Economic Survey did mention how these inflationary pressures, caused by global crisis and supply chain disruption amid monsoon uncertainty, have been successfully reined in by both administrative and monetary policies. For this, the retail inflation averaged 6.7 percent in FY23. It went further down to 5.4 percent in FY24. On the domestic front, on inflation, the central bank expects that retail inflation would temper from 4.5 per cent in FY2025 to 4.1 per cent in FY2026 on assumptions of a normal monsoon, with absence of external or policy shocks. Contrarily, the IMF has slanted the retail inflation in India at 4.6 percent in 2024 and 4.2 percent in 2025. The World Bank has estimated that global prices will drop by 2024 and 2025.
