Economic Survey 2023-24 Projects Real GDP Growth Of 6.5–7%: Highlights
Economic Survey 2023-24 was tabled in Parliament today by Finance Minister Nirmala Sitharaman. The Economic Survey is an annual document prepared by the Ministry of Finance, specifically by the Department of Economic Affairs and presented in the Parliament before the Union Budget and serves as a comprehensive report on the state of the Indian economy over the past financial year. The survey provides detailed analysis, insights, and data on various sectors of the economy, and it outlines the challenges, achievements, and policy initiatives of the government.
The main highlights of the Economic Survey 2024 are as follows;
- Economic Survey conservatively projects a real GDP growth of 6.5–7 per cent, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side.
- India’s economy carried forward the momentum it built in FY23 into FY24 despite a gamut of external challenges. The focus on maintaining macroeconomic stability ensured that external challenges had minimal impact on India’s economy.
- India’s real GDP grew by 8.2 per cent in FY24, exceeding 8 per cent mark in three out of four quarters of FY24.
- On supply side, Gross value added (GVA) grew by 7.2 per cent in FY24 (at 2011-12 prices) and net taxes at constant prices grew by 19.1 per cent in FY24.
- With deft management of administrative and monetary policies, retail inflation reduced from 6.7 per cent in FY23 to 5.4 per cent in FY24.
- Current Account Deficit (CAD) stood at 0.7 per cent of the GDP during FY24, an improvement from the deficit of 2.0 per cent of GDP in FY23.
- Indian economy has recovered and expanded in an orderly fashion post pandemic. The real GDP in FY24 was 20 per cent higher than its level in FY20, a feat that only a very few major economies achieved.
- 55% of tax collected accrued from direct taxes and remaining 45% from indirect taxes.
- Government has been able to ensure free food grains to 81.4 Crore people. Total expenditure allotted to capital spending have progressively enhanced.
