Page 28 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Economy in FY 2024-25: A brief review of the past year

During the year, Indian economy went through various developments as we approach to close this year.
Below is a collection of all major events and occurrences affecting the Indian economy during the year.

March
NSO’s Second Advance Estimates

NSO’s Second Advance Estimates projects India’s GDP to grow by 6.5% in FY 2024-25. Quarter 3 GDP
growth was 6.2%, rebounding from 5.6% in Q2 due to higher private consumption and government
spending. Real GDP is estimated to attain a level of ?187.95 lakh crore in the financial year 2024-25,
against the First Revised Estimate (FRE) of GDP for the year 2023-24 of ?176.51 lakh crore. The growth
rate in Real GDP during 2024-25 is estimated at 6.5% as compared to 9.2% in 2023-24. ‘Construction’
sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional
Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to
Broadcasting’ sector (6.4%) during 2024-25.

February
Union Budget 2025-26

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget
for fiscal year 2025-26 on 1st February 2025. The budget focuses on stimulating economic growth,
supporting the middle class, and promoting inclusive development. Key measures include- income tax
exemption limit raised to ?12 lakh; reduction in corporate tax rates; rationalization of Tax Deduction at
Source (TDS); Introduction of a scheme for determining arm's length price of international transaction
for a block period of three years; launched- Prime Minister Dhan-Dhaanya Krishi Yojana to enhance
agricultural productivity; Nuclear Energy Mission for Viksit Bharat; setting up of ‘BharatTradeNet’ (BTN)
for international trade for trade documentation and financing solutions; FDI limit for the insurance
sector to be raised from 74 to 100 per cent etc.

January
India at 2nd spot in future of work skills in emerging tech

India has secured the second position in the QS Skills Index 2025, which assesses how well countries are
preparing their job markets for future demands. With a score of 99.1 percent in the Future of Work
Indicator, the country has shown a strong commitment to readying its workforce for emerging skills. This
places India among the top countries globally in terms of recruitment preparedness for new in-demand
roles. The QS World Future Skills Index, developed by Quacquarelli Symonds (QS), ranks countries on
their readiness to meet evolving global job market demands emphasizing innovation, sustainability, and
talent development.

India’s ranking reflects the country’s ongoing efforts to develop a skilled workforce capable of meeting
the needs of tomorrow’s job market. The government has implemented several initiatives aimed at

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