Parliament to receive Economic Survey on July 22, as per schedule.

The anticipation is high as Finance Minister Nirmala Sitharaman is set to present the Economic Survey in Parliament on July 22, a day before the Union Budget. This eagerly awaited report serves as a comprehensive review of the economy, providing insights into its current state, future prospects, and potential challenges. The team behind this extensive analysis is led by the Chief Economic Adviser V Anantha Nageswaran.

The Economic Survey presents a wealth of statistical information and analysis on various sectors of the economy, including employment, GDP growth, inflation, and the budget deficit. India has proudly maintained its position as the fastest-growing economy, and this survey will be presented at a time when the International Monetary Fund (IMF) has just raised its economic growth forecast for the country. In fact, for the fiscal year 2025, the IMF has revised the growth projection to 7%, up from the earlier estimate of 6.8% in April.

The IMF stated, "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." This positive outlook is further supported by the Reserve Bank of India (RBI), which has also raised its growth forecast for India to 7.2% from 7% in June.

The RBI Governor, Shaktikanta Das, believes that India is on track to achieve a sustained GDP growth trajectory of 8%, thanks to the implementation of structural economic reforms such as the Goods and Services Tax (GST). He added, "If you look at the average growth India recorded over the past three years, it comes to 8.3%. Furthermore, for the current fiscal year, we have projected a growth rate of 7.2%." He also mentioned that in the previous financial year, India's contribution to global growth was 18.5%, a significant achievement compared to 7-8 years ago. The IMF has also predicted that this growth will continue to rise in the coming years.

As we eagerly await the Economic Survey, it is evident that India's economy has shown remarkable progress and is on a positive growth trajectory. With the government's continued efforts towards economic reforms and the support of international organizations like the IMF, there is a bright outlook for India's economy in the years to come.

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