Budget 2025: Give India's economic growth a push
India Budget: The need to reignite India’s economic growth to 7-8% took center stage at a high-level pre-Budget meeting between Prime Minister Narendra Modi and leading economists on Tuesday. The discussions, held as part of pre-Budget consultations, focused on strategies to maintain growth momentum amidst global economic uncertainties and position India on track to achieve developed nation status by 2047.
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Prime Minister Modi, in the pre-Budget meeting, highlighted the importance of mindset changes and structural reforms to capitalise on emerging global opportunities. The meeting, themed “Maintaining India’s Growth Momentum Amid Global Uncertainty,” was attended by key policymakers, including Finance Minister Nirmala Sitharaman and NITI Aayog officials, alongside top economic experts.
Challenges underscoring the need for a growth push in Budget
India’s economic growth slowed to 5.4% in the July-September quarter of FY25, marking a seven-quarter low. This decline, attributed to weaker performance in manufacturing and mining, prompted concerns among policymakers. However, despite the slowdown, India retained its position as the fastest-growing major economy, surpassing China’s 4.6% growth during the same period.
Economic institutions, including the Reserve Bank of India
