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India’s GDP may remain at 7% next year | India’s GDP likely to remain at 7% next year: Finance Ministry releases pre-interim budget report, Economic Survey not forthcoming. Pi News

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New Delhi3 hours ago

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Finance Minister Nirmala Sitharaman will present the interim budget on February 1.  - Dainik Bhaskar

Finance Minister Nirmala Sitharaman will present the interim budget on February 1.

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Two days ahead of the presentation of the interim budget for 2024-25, the Finance Ministry said today, January 29, that India’s GDP growth is likely to be 7 percent next year. The ministry released a report titled “India’s Economy: An Overview”. It was prepared by officials from the office of Chief Economic Adviser V Ananth Nageswaran.

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Strong domestic demand has led the economy to grow by more than 7 percent over the past three years, the report said. Private consumption and investment have strengthened over the past 10 years thanks to steps taken by the government. Measures taken to boost production and invest in infrastructure have also strengthened the supply side.

India could become a $7 trillion economy by 2030
The report also says that the economy is likely to continue growing at 7 percent in the coming years. Only the growing risk of geopolitical conflicts is a cause for concern. Also, India could become a $7 trillion economy by 2030. This will be an important step towards ensuring the quality of life and standard of living.

The ministry released the report two days before the start of the budget session.
This report is different from the usual as it comes two days before the budget session of Parliament begins. Lok Sabha elections will be held this year, so instead of the full budget, an interim budget will be presented on February 1. An interim budget gives the current government money to run the country until a new government comes in and a full budget is presented.

Economic research is not presented before the interim budget.
The government does not present the Economic Survey before the interim budget. In its report, the finance ministry said, “This is not an economic survey of India prepared by the Department of Economic Affairs. It comes before the full budget after the general elections.

What is GDP?
GDP is used to monitor the health of the economy. GDP shows the value of all goods and services produced in a country over a period of time. This includes foreign companies that produce products within the borders of our country.

There are two types of GDP
There are two types of GDP. Real and nominal. In real GDP, the value of goods and services is calculated at the base year value or stable price. Currently, the base year for calculating GDP is 2011-12. That is, the calculation was made according to the rates of goods and services of 2011-12. Nominal GDP is calculated at current prices.

How is GDP calculated?
A formula is used to calculate GDP. GDP=C+G+I+NX, where C is private consumption, G is government spending, I is investment, and NX is net export.

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