Synopsis
The Economic Survey 2024-25 aims to accelerate India's path towards the Viksit Bharat vision, emphasizing private sector involvement and regulatory reforms to enhance growth and job creation.Key Takeaways
- Economic Survey 2024-25 aims to boost India's Viksit Bharat vision.
- Private sector's role in nation-building is recognized.
- Focus on deregulation to lower business costs.
- Emphasis on education and skilling for youth.
- Projected GDP growth of 6.3-6.8% for 2025-26.
New Delhi, Jan 31 (NationPress) The Economic Survey 2024-25 marks a significant move towards expediting India's aspiration of achieving the long-term target of Viksit Bharat, according to industry leaders on Friday.
The Survey aptly recognizes the crucial contribution of the private sector in the process of nation-building and candidly emphasizes the need to reduce business costs through deregulation and 'stepping aside for businesses' to foster growth and generate employment in the face of a difficult global landscape, stated CII Director General Chandrajit Banerjee.
It reveals a forward-thinking approach by urging the country to concentrate on vital priority sectors, which include attracting foreign investment to emerge as a competitive and innovative economy, enhancing domestic supply capabilities and resilience, adopting a measured strategy towards climate change and energy transition, and prioritizing education and skills development for the youth to align with global technological progress, he added.
Additionally, it emphasizes the importance of boosting productivity in the primary sector and fundamentally enhancing governance while establishing trust through the introduction of ease of doing business 2.0, Banerjee further noted.
Looking ahead, CII aligns with the growth forecasts presented in the Survey, which estimates a GDP growth rate between 6.3% and 6.8% for 2025-26, compared to 6.4% in the current year, primarily due to the fragile external environment and the present state of domestic demand.
The Survey also points out that inflation is on a credible downward trajectory and that the current account deficit is within acceptable limits, which are encouraging indicators.
As per Vivek Iyer, Partner at Grant Thornton Bharat and Financial Services Risk Leader, the essential takeaway from the Economic Survey is the balance between regulation and innovation while maintaining an awareness of financial stability risks.
“This suggests a shift towards a more principle-based regulatory framework compared to the existing operational guidelines. It also indicates the growth of a self-regulatory organization (SRO) ecosystem in India, leading to more formal recognition of several SROs in the coming year,” Iyer added.
