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- Here are some key highlights:
- GDP Growth: India's real GDP is projected to grow by 6.4% in the fiscal year 2025. The survey estimates GDP growth between 6.3% and 6.8% for the financial year 2025-26.
- Inflation: Retail inflation decreased from 5.4% in 2023-24 to 4.9% in 2024-25 (April-December). Food inflation, however, increased from 7.5% to 8.4% during the same period.
- Current Account Deficit: India's current account deficit (CAD) was 1.2% of GDP in the second quarter of 2024-25, compared to 1.3% in the corresponding quarter of 2023-24.
- Public Finances: The central government's fiscal discipline has improved, with capital expenditure accounting for 21% of total expenditure in 2023-24.
- Agriculture: The agriculture sector has shown resilience with an average growth rate of 5% from 2017 to 2023. Measures to improve farmer incomes include raising the cap for collateral-free agricultural loans from Rs 1.6 lakh to Rs 2 lakh.
- Services Sector: The services sector, referred to as the "Old War Horse," continues to be a significant contributor to GDP, accounting for around 55% of the Gross Value Added (GVA) in FY25.
- Higher Education: The number of higher education institutions (HEIs) has grown by 13.8% over the past eight years, and the Gross Enrolment Ratio (GER) has increased from 23.7% to 28.4% in the 18-23 age group.
Question:
1 What is the projected real GDP growth rate for India in the fiscal year 2025, as per the Economic Survey 2024-25?
- A) 6.8%
- B) 6.4%
- C) 6.2%
- D) 7.0%