The Economic Survey given in Parliament cautiously projects India’s real GDP growth of 6.5-7%, recognizing that market expectations are on the high side. Real GDP growth equals reported economic growth minus inflation. Despite a variety of external problems, India’s economy maintained its momentum from 2022-23 to 2023-24. “The focus on maintaining macroeconomic stability ensured that external challenges had minimal impact on India’s economy,” the Economic Survey said today. India’s real GDP increased by 8.2 percent in 2023-24, topping the 8% mark in three of four quarters.
According to official figures from the Indian government, the country’s GDP increased by an astonishing 8.2 percent in fiscal year 2023-24. The Indian economy increased by 7.2% in 2022-23 and 8.7% in 2021-22, respectively. “The Indian economy has recovered and expanded in an orderly manner following the pandemic.
According to the Economic Survey, the real GDP in FY24 was 20% larger than in FY20, a feat accomplished by only a few major economies. According to the Economic Survey, the national government’s appropriate policy interventions and the Reserve Bank of India’s price stability policies helped keep retail inflation at 5.4%, the lowest level since the pandemic in 2023-24.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and overseen by the chief economic adviser, provides insights into the state of the economy, various indicators for 2023-24 (April-March), and some outlook for the current year.
Finance Minister Nirmala Sitharaman will propose the Union Budget for 2024-25 in Parliament tomorrow. Sitharaman is on track to break previous Prime Minister Morarji Desai’s record of presenting five yearly budgets and one interim budget as finance minister from 1959 to 1964. Sitharaman’s next budget address will be her seventh.
The Economic Survey for 2023-24, tabled in Parliament on Monday, indicated six important policy emphasis areas for the government to promote long-term economic growth. The government would focus on six areas: creating productive jobs, closing the skill gap, realizing the full potential of the agriculture sector, easing compliance requirements and financing bottlenecks for MSMEs, managing India’s green transition, and addressing the persistent China challenge.
In a news conference, Chief Economic Adviser V Anantha Nageswaran stated that India will continue to be the fastest-growing major economy in 2024-25. following the submission of the Economic Survey. Global agencies such as the IMF, OECD, World Bank, S&P, ADB, and Fitch have estimated India’s growth rate to be between 6.6 and 7.2 percent.
In its most recent outlook, the International Monetary Fund (IMF) upped India’s growth projections for 2024 from 6.8% to 7%, keeping the country’s place as the fastest-growing in emerging markets and developing economies. (ANI)