Indian Economy: Indian economy (Indian GDP) Next financial year (2025-26) Will increase at the rate of 6.5 percent. The EY Economy Watch has presented this estimate. He believes that if the Indian economy adopts a balanced fiscal strategy that maintains fiscal discretion and supports human capital development, its long -term development chances will increase. In the March issue, India’s actual GDP growth rate for FY 2024-25 is estimated to be 6.4 percent, while the economic growth rate for the next financial year is likely to be 6.5 percent. The report said that the fiscal policy needs to be integrated with a visit to ‘developed India’.
Government spending will have to increase
According to the revised National Accounts data released last month by the National Statistics Office (NSO), the actual GDP growth rate from FY 2022-23 to 2024-25 is now estimated to be 7.6 percent, 9.2 percent and 6.5 percent respectively. Talking about the quarter growth rate for the current financial year 2024-25, the increase in the third quarter is estimated to be 6.2 percent. This means that an increase of 7.6 percent in the fourth quarter will be required to achieve an estimated 6.5 percent annual GDP growth by NSO. The report stated that an increase of 9.9 percent in the final quarter requires an increase of 7.6 percent in private final consumption expenditure. There has not been such a high growth in recent years. An option is to increase investment expenditure, in which the government can play an important role in increase in capital expenditure.
Budget will have to be increased for education and health
The report said that according to the revised estimates, the government’s fiscal deficit may be affected by any supplementary grant demand. The report states that with increasing population and developing economic infrastructure, additional investment in education and health services may be necessary to maintain long -term development and improve human capital results. According to a report, in the next two decades, India will gradually have to increase general government education and health expenditure so that it can equal high income countries.
Emphasis on increasing employment
The analysis shows that the government will have to increase the expenditure on education from 4.6 percent to 6.5 percent from the current 4.6 percent to the financial year 2047-48, keeping in mind the India’s youth population and growing workforce requirements. To ensure better healthcare access and results, government health expenditure will have to be increased from 1.1 percent to 3.8 percent in 2021 to 3.8 percent.
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