On Monday, the Centre presented the Economic Survey 2023-2024 in the Lok Sabha, providing a comprehensive analysis of India’s economic performance for the fiscal year 2023-24.
The survey, unveiled by Finance Minister Nirmala Sitharaman and compiled by the Economic Division of the Ministry of Finance, offers insights into the country’s economic trajectory and future prospects.
The survey projects that India’s economy grew by an impressive 8.2 percent in real terms during FY24.
It highlights that the economy remains robust, benefiting from a historic third-term mandate for Prime Minister Narendra Modi and the National Democratic Alliance (NDA) government.
This electoral victory, the survey notes, signifies a commitment to political and policy stability.
“The Indian economy is on a solid footing, showing resilience amid global geopolitical uncertainties,” the survey asserts.
It underscores that India has successfully consolidated its post-COVID recovery, with fiscal and monetary policies ensuring economic stability.
However, the survey acknowledges the challenges of maintaining growth amidst complex global trade, investment, and climate issues.
Inflation remains largely under control, although some food items continue to experience higher prices.
The survey also reports a reduction in the trade deficit compared to FY23 and indicates that the current account deficit stands at approximately 0.7 percent of GDP, with a surplus recorded in the final quarter of the financial year.
The survey emphasizes the need for the private sector to take on a greater role in driving investment momentum, following a period of balance sheet challenges.
Overall, the survey presents a positive outlook for India’s economic trajectory, reflecting both resilience in the face of global challenges and a continued emphasis on growth and stability.
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