Union Finance Minister Nirmala Sitharaman.
Credit: PTI Photo
New Delhi: Following are the highlights of the Economic Survey 2023-24 tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday. The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
Here are the key takeaways from the Economic Survey -
Projects economic growth at 6.5-7 per cent in FY25 versus 8.2 per cent in 2023-24
Unprecedented third popular mandate of Modi government signals political, policy continuity.
Domestic growth drivers supported economic growth in FY24 despite uncertain global economic performance.
Indian economy on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.
To sustain post-pandemic recovery, there has to be heavy lifting on the domestic front.
Escalation in geopolitical conflicts and its impact may influence RBI's monetary policy stance.
As financial sector undergoes critical transformation, it must brace for likely vulnerabilities originating globally or locally.
Economic Survey 2023-24 says healthier corporate and bank balance sheets will further strengthen private investment.
India's policy adeptly steered through challenges, ensuring price stability despite global uncertainties.
Tax compliance gains, expenditure restraint, and digitisation help India achieve fine balance in govt's fiscal management.
Reaching agreements on key global issues like trade, investment, and climate has become extraordinarily difficult
Short-term inflation outlook benign, but India faces persistent deficit in pulses and consequent price pressures.
Expectations of normal monsoon, and moderating global prices of imports give credence to benign inflation projections by RBI.
Hardships caused by higher food prices for poor and low-income consumers can be handled through direct benefit transfers or coupons for specified purchases valid for appropriate durations.
Suggests ways to explore whether India's inflation targeting framework should target the inflation rate excluding food items.
Outlook for India's financial sector appears bright.
Survey 2023-24 says healthier corporate and bank balance sheets will further strengthen private investment.
Capital markets becoming prominent in India's growth story; market resilient to global geopolitical, economic shocks.
AI casts a huge pall of uncertainty over the impact on workers across all skill levels.
Increased FDI inflows from China can help India enhance participation in global supply chain, boost exports.
As much as 54 per cent of disease burden due to unhealthy diets; need transition towards balanced, diverse diet.
Remittances to India to grow at 3.7 per cent to $124 billion in 2024, 4 per cent in 2025 to reach $129 billion.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.