India has been a growing economy and several Union Governments have worked towards making the country self-sufficient and self-reliant. Finance Minister, Nirmala Sitharaman has floored Economic Survey Report on 31st January, before her 1st February budget. She has put forth that report suggests India growth rate is 7% for 2022-2023 financial year. The report has predicted 6.5% for 2023-2024 financial year and 6.8% for 2024-2025 financial year. India need not worry about Economic Survey Report.
The lower growth rate is not a worry because India has sustained during the Covid-19 pandemic period and recovered, as well. As the economy recovered from Covid-19 pandemic effect, even though the growth rate is low, India will be highest growing economy in the world. Even IMF report suggested that India will be the nation to report most economical growth rate and China will grow at rate 5.2% for 2023-2024 financial year.
PM Narendra Modi and Finance Minister, Economic Survey report officials have all stated that even though recession is a factor globally, India has enough potential to sustain and maintain growth. They have also stated that India will not be complacent and will strive to grow even faster in coming years. Digital transformation in India has helped economy to give more loans to small scale industries stated the report and FM. Let’s see how they have planned Union Budget, as there is a year before elections.
President Droupadi Murmu praises PM Narendra Modi and NDA Government!