Tired of too many ads? Remove Ads
India's economy is likely to continue its sluggish pace of growth next fiscal year weighed down by global risks, according to a finance ministry report that has called on states to pursue business reforms to boost economic activity.
The annual Economic Survey, which was presented in parliament by Finance Minister Nirmala Sitharaman, has projected GDP growth at 6.3%-6.8% in the next fiscal year that starts on April 1, with growth set to sag to a four-year low this year from 8.2% last year.
The report on the state of economy, authored by Chief Economic Adviser V. Anantha Nageswaran and his team in the finance ministry, said the risks to India's economic prospects next year are balanced.
Key announcements for different industries:
Tired of too many ads? Remove Ads
Aviation Industry:
Popular in Economy
- Govt to launch modified UDAN scheme to connect 120 destinations, help 4 crore additional passengers in next 10 years.
- New greenfield airports in Bihar.
- Our Government will facilitate upgradation of infrastructure and warehousing for air cargo including high value perishable horticulture produce. Cargo screening and customs protocols will be streamlined and made user-friendly.
The budget had no mention of any special announcements for the railways. The allocation for FY26 has been kept unchanged at Rs 2.55 lakh crore, showed Budget documents.
Tourism industry:
- Top 50 tourist destination sites in the country to be developed in partnership with states through a challenge mode
- MUDRA loans for homestays to be provided
- Special focus on destinations related to the life and times of Lord Buddha
- Medical Tourism and Heal in India to be promoted in partnership with the private sector
Energy industry:
- Atomic Energy Act and the Civil Liability for Nuclear Damage Act to be amended to realize goal of development of at least 100 GW of nuclear energy by 2047
- Nuclear Energy Mission for research & development of Small Modular Reactors (SMR) to be set up, with outlay of Rs. 20,000 crore-At least 5 indigenously developed SMRs to be operationalized by 2033.
- In her eighth consecutive budget speech, Finance Minister Nirmala Sitharaman allocated Rs 6,81,210 lakh crore towards defence expenditure for FY25, slightly higher than Rs 6.21 lakh crore announced in the first full budget of Modi 3.0 last year in July.
Agriculture Sector:
- PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below average credit parameters announced.
- Rural Prosperity and Resilience Program will be implemented in collaboration with state governments. This initiative is designed to tackle underemployment in agriculture by focusing on skilling, investment, and technology adoption to strengthen the rural economy.
- A 6-year Mission with special focuson Tur, Urad and Masoor.
- A comprehensive programme to promote production, efficient supplies, processing, and remunerative prices for farmers will be launched in partnership with states. Appropriate institutional mechanisms for implementation and participation of farmer producer organizations and cooperatives will be set up.
- A National Mission on High Yielding Seeds will be launched.
- Government will bring in an enabling framework for sustainable harnessing of fisheries from Indian Exclusive Economic Zone and High Seas, with a special focus on the Andaman & Nicobar and Lakshadweep Islands.
- ‘Mission for Cotton Productivity’, a 5-year mission to facilitate, significant improvements in productivity and sustainability of cotton farming, and promote extra-long staple cotton varieties.
- The loan limit under the Modified Interest Subvention Scheme will be enhanced from Rs 3 lakh to Rs 5 lakh for loans taken through the KCC.
Telecom industry:
- The Centre will provide broadband connectivity to all government-run secondary schools and primary healthcare centres (PHCs) in rural areas through BharatNet.
Healthcare Industry:
- Govt to facilitate setting up of daycare cancer centre in all district hospitals in next 3 years.
- Next year, 10,000 seats will be added in medical colleges and hospitals; 75,000 seats to be added in next 5 years.
- 36 Lifesaving drugs and medicines to be added to the list of medicines fully exempted from Basic Customs Duty
- 37 more medicines and 13 new patient assistance programmes to be fully exempted from Basic Customs Duty (where they are supplied free of cost to patients)
