After IMF, Moodys, Goldman Sachs, now PM Modi told how fast India’s car will run

After international organizations like International Monetary Fund (IMF), Moody’s and Goldman Sachs, Prime Minister Narendra Modi said that India’s economy is running at the fastest speed in the world and this time the budget will lay the foundation of the government’s dream of ‘Developed India’. On the first day of the budget session in the Lok Sabha on Monday (July 22, 2024), Finance Minister Nirmala Sitharaman presented the Economic Survey for the financial year 2023-24 and the budget will be presented on Tuesday (July 23, 2024).

Before the start of the session, outside Parliament, PM Modi said that for the last three years, India’s Gross Domestic Product i.e. GDP has been running at a speed of 8 percent. He said that it is a matter of pride that after 60 years, the same government is going to present the budget for the third consecutive time.

Prime Minister Modi said, ‘The government is implementing its guarantees on the ground and is moving forward with this goal. This budget is an important budget of Amritkaal. We have got an opportunity of five years, today’s budget will also determine the direction of our work for five years and in the year 2047, when we will complete 100 years of independence, we will come before the country tomorrow with a budget that lays a strong foundation to fulfill our dream of a developed India.’

Presenting the Economic Survey in Parliament, Finance Minister Nirmala Sitharaman has estimated the country’s GDP growth rate to be 6.5-7 percent in the financial year 2024-25, while the inflation rate is expected to be 4.1 percent. Along with this, she also gave some suggestions to speed up the economy, a glimpse of which will be seen in the budget.

What do IMF, Moody’s and Goldman Sachs say on India’s GDP?

On July 17, the IMF projected a 20-point improvement in India’s GDP growth rate. The IMF said that India’s GDP growth rate could be 7 percent in the year 2024-25. However, there is a possibility of a slight decline in it in 2025-26 and it can run at the rate of 6.5 percent. Moody’s also said on July 9 about India’s economy that its pace is expected to be 6.8 percent in 2024-25. At the same time, Goldman Sachs said that the GDP growth rate will be 6.7 percent.