What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
The Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 on July 22. The survey conservatively projects real GDP growth of 6.5–7%, with risks evenly balanced, cognisant of the fact that the market expectations are on the higher side.
NEW DELHI: The Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 on July 22. The survey conservatively projects real GDP growth of 6.5–7%, with risks evenly balanced, cognisant of the fact that the market expectations are on the higher side.
The real GDP in FY24 was 20% higher than its level in FY20, a feat that only a very few major economies achieved, while also leaving a strong possibility for robust growth in FY25 and beyond. Growth has been inclusive with a reduction in unemployment and multi-dimensional poverty and an increase in labour force participation. Overall, the Indian economy looks forward to FY25 optimistically, anticipating broad-based and inclusive growth.
Despite facing a myriad of global challenges, India’s economy has demonstrated remarkable resilience, achieving a robust growth rate of 8.2% in FY24. This growth, exceeding the 8% mark for three quarters out of four, underscores India’s steadfast momentum in the post-pandemic recovery phase.
According to the April World Economic Outlook, global economic growth in 2023 stood at 3.2%, revealing diverging patterns among countries. India, however, maintained strong economic momentum, buoyed by effective macroeconomic management and a focus on capital formation.
FLASH: In the Economic Survey, these are the 6 key areas where the growth strategy for Amrit Kaal is predicated
1. Deliberate focus on boosting private investment
2. Strategic priority on growth & expansion of India’s mittelstand (MSMEs)
3. Recognise potential of agri as an… pic.twitter.com/F4XeSspN83
— The New Indian (@TheNewIndian_in) July 22, 2024
The government’s emphasis on capital expenditure (capex) and sustained private investment has driven a significant increase in Gross Fixed Capital Formation, which grew by 9% in real terms during 2023-24. Healthy corporate and bank balance sheets further promise to bolster private investment, while the residential real estate sector shows promising signs of recovery.
While subdued global demand for goods has posed challenges, strong performance in services exports has largely balanced the external trade deficit. India’s Current Account Deficit (CAD) narrowed to 0.7% of GDP in FY24, a significant improvement from 2.0% in the previous fiscal year.
The Indian economy has not only recovered from the pandemic but has also expanded impressively. The economic survey came ahead of the Union Budget scheduled for tomorrow
