Last Updated on 30/07/2024 by wccexam Desk
NCAER has predicted that the growth rate of the Indian economy will be more than 7 percent in 2024-25 due to normal monsoon and political stability. According to the economic think tank National Council of Applied Economic Research, the country’s growth rate in the current financial year can be 7 to 7.5 percent.
According to NCAER, due to stable consumption and continuously improving investment demand, the growth rate was 8.2 percent in 2023-24. NCAER says that the economy is expected to continue to strengthen due to better monsoon and normalizing global conditions.
Promotion of self-reliant India campaign
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Describing the Union Budget as being in line with expectations, it has been said that the fiscal deficit target in the budget has been kept at 4.9 percent of GDP and capital expenditure at 2.4 percent of GDP. The business world has no major complaints about the budget. But they say that the benefit of indexation should continue to promote investment.
The health sector has also praised the budget and said that this will help in increasing the production of health related equipment in the country as well as help in creating skilled manpower.
Business confidence has increased!
This confidence of the business world has increased the NCAER -NSE Business Confidence Index to 149.8 in the first quarter of 2024-25, whereas it was 138.2 in the fourth quarter of 2023-24.
If we look at the growth rate estimates of other agencies, IMF and ADB have maintained India’s growth rate estimate of seven percent for 2024-25. Overall, India’s growth rate estimates are between 6.6 to 7.2 percent. Now it remains to be seen how much the budget announcements will help in taking the growth rate beyond these estimates.
It is worth noting that the central government has taken a big step, the government has set a target of making India a developed nation by the year 2047. Steps are being taken in this regard. Last week, a meeting of the NITI Aayog was held with the Chief Ministers of the states on this issue.