The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit.
New Delhi: Finance Minister Nirmala Sitharaman is expected to present an Economic Survey in the Parliament on the 22nd of July, right before the Union Budget announcement. Seen as a report card of the economy, this survey gives an understanding of how the economy has fared and what the future growth could look like. Breaking down the economic climate, identifying potential opportunities, and flagging policy hurdles are all part of this comprehensive review. V Anantha Nageswaran, the chief economic adviser, is at the helm of the team that drafts the report.
The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit. India has retained its tag as the fastest-growing economy, and the economic survey will be presented at a time when the IMF has just raised its economic growth forecast for the country for FY25 to 7 per cent from 6.8 per cent projected in April.
Growth Forecast In India
“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said. In June, the Reserve Bank of India revised the growth forecast to 7.2 from 7 per cent. The RBI sees India moving ahead towards an 8 per cent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as GST.
“If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” RBI Governor Shaktikanta Das said. He also said the Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth which is a major achievement as it was much lower 7 or 8 years ago. The IMF has projected that this growth will go up, he added.
Union Budget: Lower Customs Duty On Import of Medical Devices Expected
Ahead of the upcoming Union Budget 2024-25, experts on Thursday called on lowering Customs duty on import of global medical devices. Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2024 on July 23. Speaking to IANS, Pavan Choudary, Chairman, of the Medical Technology Association of India (MTaI) said, “We expect the government to lower Customs duties on import of medical devices.”
He noted that compared to neighbouring countries of Sri Lanka and Nepal, where the Customs duty is only about 5 per cent, India stands at 7.5-10 per cent. In addition, India also charges “another ad valorem tax of 5 per cent and an educational cess of 1 per cent, which takes this to 13 to 16 per cent,” Choudary said. An ad valorem tax is a tax derived from an assessed value. “This is quite high keeping in mind that 70 to 80 per cent of the products which are used in India are imported. The cost finally is borne by the patient,” he said.
(With inputs from agencies)