https://sputniknews.in/20240129/india-identifies-four-challenges-in-7-trillion-economic-push-6374744.html
India Identifies Four Challenges in $7 Trillion Economic Push
India Identifies Four Challenges in $7 Trillion Economic Push
Sputnik India
India's Finance Ministry identified four challenges that could hinder India's goal of becoming a $7 trillion economy on Monday ahead of the presentation of the interim budget.
2024-01-29T19:31+0530
2024-01-29T19:31+0530
2024-01-29T19:31+0530
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India's Finance Ministry identified four challenges that could hinder India's goal of becoming a $7 trillion economy on Monday ahead of the presentation of the interim budget.The report titled "The Indian Economy: A Review" highlights several areas of concern. These include the potential threat of artificial intelligence to the services sector, the delicate balance between energy security and economic growth, and the importance of having a well-trained workforce available. Additionally, the report addresses the pressing issue of climate change.It comes ahead of the presentation of this year's interim budget. As 2024 is an election year, the government can only unveil planned expenses up to the conclusion of the financial year, specifically on March 31, as it cannot make decisions for the newly elected administration. A fresh budget will be revealed around June or July.The Finance Ministry's report notes that at times of an increasingly integrated global economy, India's growth outlook also depends on the spillover effects of global developments and not just its domestic performance.The government also stressed that artificial intelligence poses a significant challenge because of its potential impact on the services sector's employment; this sector contributes over 50 percent to India's GDP.The ministry, however, projected that the Indian economy will be at pace and expected to grow around 7 percent despite these challenges.It also cited the challenge of switching to renewable energy and demands upon developing countries to reduce their carbon emission: "The trade-off between energy security and economic growth versus energy transition is a multifaceted issue having various dimensions: geopolitical, technological, fiscal, economic and social, and the policy action being pursued by individual countries impacting other economies," the report adds.The report also discusses the recent crisis in the Red Sea and highlights the challenges it poses to India's economy.
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india's interim budget, interim budget, india's economic growth, finance ministry, the indian economy: a review, artificial intelligence, service sector, energy security, economic growth, challenges for indian economy, indian economy,
India Identifies Four Challenges in $7 Trillion Economic Push
Deexa Khanduri
Sputnik correspondent
Delhi's interim budget will be announced on Thursday before the government reveals its projection of economic growth for the next fiscal year at approximately seven percent.
India's Finance Ministry identified four challenges that could hinder India's goal of becoming a $7 trillion economy on Monday ahead of the presentation of the interim budget.
The report titled "The Indian Economy: A Review" highlights several areas of concern. These include the potential threat of artificial intelligence to the services sector, the delicate balance between energy security and economic growth, and the importance of having a well-trained workforce available. Additionally,
the report addresses the pressing issue of climate change.
It comes ahead of the presentation of this year's interim budget. As 2024 is an election year, the government can only unveil planned expenses up to the conclusion of the financial year, specifically on March 31, as it cannot make decisions for the newly elected administration. A fresh budget will be revealed around June or July.
The Finance Ministry's report notes that at times of an increasingly integrated global economy, India's growth outlook also depends on the spillover effects of global developments and not just its domestic performance.
The government also stressed that
artificial intelligence poses a significant challenge because of its potential impact on the services sector's employment; this sector contributes over 50 percent to India's GDP.
The ministry, however, projected that the Indian economy will be at pace and expected to grow around 7 percent despite these challenges.
It also cited the challenge of switching to renewable energy and demands upon developing countries to reduce their carbon emission: "The trade-off between energy security and economic growth versus energy transition is a
multifaceted issue having various dimensions: geopolitical, technological, fiscal, economic and social, and the policy action being pursued by individual countries impacting other economies," the report adds.
The report also discusses the recent crisis in the Red Sea and highlights the challenges it poses to India's economy.
