Prime Minister Narendra Modi praised the Economic Survey 2023–24 on Monday, stating that it demonstrates the current strength of the Indian economy and was presented by Union Finance Minister Nirmala Sitharaman.
Highlights of the Economic Survey
The Economic Survey presents the results of the numerous changes implemented by our government, in addition to highlighting the current strengths of our economy. The prime minister wrote on social media site X, “It also identifies areas for further growth and progress as we move towards building a Viksit Bharat.”
GDP Growth Projections
The economic assessment presented to Parliament predicts that India’s GDP will expand by 6.5-7 percent over the current fiscal year. The economic growth rate of 8.2 percent predicted for the preceding fiscal year is higher than the growth predicted for 2024–2025. The GDP is expected to rise by 7.2% during the fiscal year that ends in March 2025, according to Reserve Bank projections.
Inflation Forecast and Import Dependence
The economic study states that the country’s short-term inflation forecast is favorable and that the RBI and IMF’s estimates are supported by the prospect of a regular monsoon and the moderate global prices of important imports. The government’s efforts to increase exports and lessen reliance on Chinese imports were applauded by the economic survey.
Upcoming Budget Presentation
As finance minister, Nirmala Sitharaman will deliver her eighth straight budget on Tuesday. She will break the record held by former prime minister Morarji Desai, who served as finance minister from 1959 to 1964 and delivered five yearly budgets in addition to one interim budget.
Funding for Amrit Kaal
For Amrit Kaal, this funding is crucial. The next five years of our mandate will be determined by the budget that was approved today. The prime minister had declared earlier in the day that “this budget will also become a strong foundation for our dream of ‘Viksit Bharat’.”
