New Delhi: The first general budget for the Modi government's second term is going to be presented today. Finance Minister Nirmala Sitharaman is set to present the historic budget in Parliament at 11 a.m. and earlier on Thursday the Economic Survey was released, lauding the successes of the Modi government and outlined a roadmap for the future. However, the Economic Survey is going to see many of the big things that are going to bring concern and challenges to the country's economic growth.
According to the Economic Survey, the average growth rate since 2014 has been 7.5%, although it declined to 6.8% last year. The Economic Survey also forecasts the country's economic growth rate this year to be 7%. India will need a growth rate of 8% if it is to become a $5 million economy by 2024-25.
The country's chief economic adviser, Krishnamurthy V. Subramanian has said that India will need 8 per cent economic growth during the next five years to achieve the target of $5,000 billion in economy, and he has said that the same will help the Economic Survey to be the leading operator in 2018-19. At the same time, low agriculture is major concern for the government. slowing down of the agriculture sector and the decline in the growth of the service sector is a big concern.