Economic Survey 2023-24 Highlights: Robust Growth, Improved Fiscal Health, and Challenges Ahead

Overview

The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman, highlights India's robust economic growth, improved fiscal health, and challenges ahead.

GDP Growth

India's real GDP grew by 8.2% in FY24, exceeding the 8% mark in three out of four quarters of the year. This resilient growth was supported by strong manufacturing, services, and a recovery in agriculture.

Fiscal Health

The government's fiscal deficit has declined significantly, reaching 4.5% of GDP in FY24, below the target of 6.4%. This is a result of increased revenue collection and prudent expenditure management.

Challenges

Despite the positive outlook, the Economic Survey also identifies challenges such as: * Global economic uncertainties * High inflation * Unequal distribution of income * Unemployment

Political Stability

The survey acknowledges the unprecedented third popular mandate of the Modi government, which signals political stability and continuity in economic policy.

Outlook

The Economic Survey projects a growth rate of 6.5% for FY25. It emphasizes the need for continued structural reforms, inclusive growth, and fiscal prudence to maintain sustainable economic development.