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BUSINESS EYE JULY 26, 2024 | The Indian Eye 28

Economic Survey conservatively projects

6.5 % to 7 % GDP growth for 2024-25

As per the Economic Survey, the central government’s timely policy interventions

and the Reserve Bank of India’s price stability measures helped maintain retail inflation at 5.4 per

cent -- the lowest level since the pandemic -- in 2023-24

OUR BUREAU
New Delhi
he Economic Survey tabled
in Parliament conservative-
Tly projects India’s real GDP
growth of 6.5-7 per cent, cognizant of
the fact that market expectations are
on the higher side.
Real GDP growth is the reported
economic growth minus inflation.
India’s economy carried forward
the momentum it built in 2022-23
into 2023-24 despite a gamut of ex-
ternal challenges.
“The focus on maintaining mac-
roeconomic stability ensured that ex-
ternal challenges had minimal impact
on India’s economy,” the Economic
Survey said today.
India’s real GDP grew by 8.2 per
cent in 2023-24, exceeding the 8 per
cent mark in three out of four quarters.
According to official data of the
Indian government, the country’s
GDP grew at an impressive 8.2 per
cent during the financial year 2023-
24. India’s economy grew 7.2 per cent
in 2022-23 and 8.7 per cent in 2021-22
respectively. Union Finance Minister Nirmala Sitharaman with Union Minister of State for Finance Pankaj Chaudhary and budget team on the eve of Union
“Indian economy has recovered
and expanded in an orderly fashion Budget 2024, in New Delhi on Monday (ANI)
post-pandemic. The real GDP in
FY24 was 20 per cent higher than its - ensuring economic and financial sta- tion, Sitharaman is set to surpass the ing India’s green transition, and the
level in FY20, a feat that only a very bility, the 476-page Economic Survey record set by former Prime Minister persistent China challenge.
few major economies achieved,” the document said in its initial remarks. Morarji Desai, who presented five India is poised to remain the
Economic Survey read. It asserted that the economy contin- annual budgets and one interim bud- fastest-growing major economy in
As per the Economic Survey, the ues to expand. get between 1959 and 1964 as finance 2024-25, Chief Economic Adviser V
central government’s timely policy The Economic Survey document, minister. Sitharaman’s upcoming Anantha Nageswaran said in a press
interventions and the Reserve Bank prepared by the Economic Division budget speech will be her seventh. conference after the tabling of the
of India’s price stability measures of the Department of Economic Af- The Economic Survey for 2023- Economic Survey.
helped maintain retail inflation at 5.4 fairs in the Ministry of Finance and 24 tabled in the Parliament on Mon- Global institutions, including
per cent - the lowest level since the formulated under the supervision of day has identified six key policy focus IMF, OECD, World Bank, S&P,
pandemic - in 2023-24. the chief economic adviser, gives in- areas for the government to achieve ADB, and Fitch, have projected India
The Survey noted that the In- sights into the state of the economy sustained economic growth. to grow in a range of 6.6-7.2 per cent.
dian economy is on a strong wicket and various indicators of 2023-24 Those six areas where the gov- The International Monetary
and stable footing, demonstrating (April-March) and some outlook for ernment would focus are generating Fund (IMF), in its latest outlook, has
resilience in the face of geopolitical the current year. productive employment; skill gap, raised India’s growth projections for
challenges. Finance Minister Nirmala Sitha- tapping the full potential of the agri- 2024 from 6.8 per cent earlier to 7 per
The Indian economy has consol- raman is set to present the Union culture sector, easing the compliance cent, with the country maintaining
idated its post-Covid recovery with Budget for 2024-25 in Parliament to- requirements and financing bottle- the fastest-growing status in emerging
policymakers - fiscal and monetary morrow. With this Budget presenta- necks confronting MSMEs, manag- markets and developing economies.

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