Union Budget 2024 | Economic Survey on the state of the Indian economy

FM Sitharaman on Monday presented the Economic Survey ahead of the Union Budget. Here's what the Economic Survey says on current the state of the Indian economy.

Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey, a comprehensive document on the state of the Indian economy, ahead of the Union Budget, which will be tabled on July 23.

Here's what the Economic Survey says on current the state of the Indian economy:

India's economy grew by 8.2 per cent in FY24, exceeding 8 per cent in three out of four quarters.

This growth was driven by government spending on infrastructure and sustained private investment, leading to a 9 per cent increase in gross fixed capital formation.

Inflation was managed effectively, averaging 5.4 per cent in FY24, due to administrative and monetary policy responses.

Fiscal balances improved despite expansionary public investment, aided by tax compliance gains and expenditure restraint.

The external balance was pressured by subdued global demand for goods, but strong services exports largely counterbalanced this, resulting in a current account deficit (CAD) of 0.7 per cent of GDP in FY24.

India's economic recovery has been orderly post-pandemic, with real GDP 20 per cent higher than FY20 levels.

Prospects for continued strong growth in FY25 and beyond look good, subject to geopolitical, financial market, and climatic risks.

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.