India's finance minister has tabled the country's economic survey for 2024-25. In many ways, this is the economic report card that serves as the basis for the country's budget, which is expected tomorrow.

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So, let's break down the numbers for you. First up- growth

India's Economic Survey 2024-25: Focus on growth

- Current fiscal estimates: 6.5-7%
- Current fiscal projections: 6.4%
- Slowdown attributed to weak manufacturing
- Shows signs of weakening consumer demand
- GDP growth forecast for FY26: 6.3-6.8%

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India’s economic growth is projected to hit a four-year low of 6.4 per cent in the current fiscal year, falling short of last year’s estimate of 6.5 to 7 per cent. This slowdown is attributed to weak manufacturing and investment and raises concerns about a potential dip in consumer demand. A sluggish manufacturing sector, impacted by weak global demand and seasonal domestic conditions, has contributed to this downward trend.  

The economic survey expects GDP growth of 6.3-6.8 per cent for the next fiscal year, driven by stable private consumption and a strong external account. But the same indicators, after directing slightly lower than expected growth, show signs of getting squeezed.

According to the survey, fiscal discipline and a services trade surplus have supported macroeconomic stability. However, with private consumption remaining merely stable rather than accelerating, concerns persist over whether domestic demand is robust enough to drive higher growth.  

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As India's growth loses momentum, the government will need to take decisive steps in the upcoming budget to spur investments and consumer confidence. All eyes will now shift towards the policy measures in the Union Budget 2025 that would shape the unfolding economic trajectory.