The rising aspirations of Indians need to be harnessed, however, it has to be carried out within a democratic framework, the Economic Survey, tabled by Nirmala Sitharaman on Monday, stated.
The survey further noted that India has graduated from being a low-income country to a low-middle-income country. “As it journeys further towards middle and upper middle-income status, aspirations of the people keep rising. The latent energy of such aspirations needs to be harnessed even as they have to be met.”
“This has to be carried out in a country of India’s size and within a democratic framework. There are no historical precedents and templates to follow for the complexity it entails,” it added.
The Economic Survey also that the structural reforms undertaken by the government over the course of the last decade have put the economy firmly on a growth path. The government attributed this factor driving India’s growth to becoming the third largest economy in the world, following the US and China.
In its April 2024 World Economic Outlook, the IMF had raised India’s growth forecast for 2024-25 to 6.8 per cent from 6.5 per cent on the back of strong domestic demand and a rising working-age population, making India the fastest-growing G20 economy.
