India's Economic Outlook: 5 Key Challenges Ahead of Union Budget 2024
As India gears up for the Union Budget 2024, a mini economic survey highlights five major challenges the country needs to address to achieve its economic goals.
Union Budget 2024Economic SurveyIndias Economic GrowthChallengesGdp ForecastReal Estate NewsJul 20, 2024
The first challenge is the impact of global developments on India's growth outlook. The survey notes that India's growth is not only dependent on its domestic performance but also on the spillover effects of global developments.
The second challenge is climate change. The survey emphasizes the need to strike a balance between development and emissions mitigation, and that access to energy is a more important and immediate concern for several low-income nations.
The third challenge is the impact of Artificial Intelligence (AI) on employment, particularly in the services sector. The survey notes that AI may remove the advantage of cost competitiveness that countries exporting digital services enjoy.
The fourth challenge is ensuring the availability of a talented and appropriately skilled workforce to the industry. The survey highlights the importance of age-appropriate learning outcomes in schools at all levels and a healthy and fit population.
The fifth challenge is exporting in the current times of persisting geopolitical tensions. The survey notes that India needs to lower logistics costs and invest in product quality to hold on to and expand its market share in areas where it has an advantage.
The survey also notes that India's positive growth outlook is riding on the digital revolution. The Reserve Bank of India has upgraded its growth forecast for the fiscal year 2024/25 to 7.2%, up from 7%, driven by a resurgence in private consumption, robust investment, and a rebound in exports.
The International Monetary Fund has revised India's growth forecast to 7% for 2024/25 from 6.8%, aligning with recent updates from rating agencies and private economists. S&P has also pegged India's economic growth to nearly 7% annually over the next three years.
The mini economic survey is an indication of the challenges that India needs to address to achieve its economic goals. The Union Budget 2024 is expected to provide a roadmap for the country to overcome these challenges and achieve its aspirations of becoming a $7 trillion economy by 2030.
Frequently Asked Questions
What is the mini economic survey published by the Department of Economic Affairs?
The mini economic survey is titled 'The Indian Economy: A Review' and outlines the challenges facing the Indian economy.
What is India's aspiration in terms of its economy?
India aspires to become a $7 trillion economy by 2030.
What are the five key challenges highlighted in the survey?
The five key challenges are the impact of global developments, climate change, the impact of Artificial Intelligence on employment, ensuring a skilled workforce, and exporting in times of geopolitical tensions.
What is the growth forecast for the fiscal year 2024/25?
The Reserve Bank of India has upgraded its growth forecast for the fiscal year 2024/25 to 7.2%, up from 7%.
What is the significance of the mini economic survey?
The mini economic survey provides an indication of the challenges that India needs to address to achieve its economic goals and is expected to provide a roadmap for the country to overcome these challenges.
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