Government Has released a special report in place of the Economic Survey. The name of this report prepared by Chief Economic Advisor V Ananth Nageswaran (CEA Nageswaran) is ‘The Indian Economy: A Review’. This 74-page report tells about India’s journey in the last 10 years. Also, information has been given about how the economy will be in the coming years. In the second chapter of the report, the government policies and progress in various sectors have been reviewed. According to this report, India will become a 5 trillion dollar economy in the coming 3 years. Also, by the year 2030 the country will become a 7 trillion dollar economy.
rapid progress
Nageswaran said in the report that India is confident enough to face global geopolitical tensions and the country has seen stability and strength from a weak position. The report said, ‘India’s systematic control of crude oil supply at reasonable prices in the last two years is noteworthy. Young Indians not only aspire to a better life, but also believe it will happen within their lifetime.
Growth rate will be 7% or above
The report has estimated a growth rate of 7 percent or above for the financial year 2024. CEA said that according to some estimates, the growth rate may remain at 7 percent in the financial year 2025 also. If this estimate is correct, then the Indian economy will grow at a growth rate of 7 percent or more for the fourth consecutive year after the Covid-19 pandemic.
Global economy struggling for 2% growth
Nageswaran said, ‘When the global economy was growing at the rate of 4 percent, it is a different thing for India to grow at the rate of 8-9 percent. At the same time, when the world economy is struggling for 2 percent growth, it is special for India to grow at a pace of more than 7 percent.
Supply chain concerns returned due to Red Sea crisis
The CEA said recent incidents in the Red Sea have brought back concerns about dependence on global supply chains. This has further projected slow growth in global trade in 2023. The global economy is struggling to sustain a post-Covid recovery due to persistent shocks. Supply chain constraints are back again in 2024.
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