Economic Survey 2024 Highlights
India's Economic Growth Exceeds Expectations
India's real GDP grew by 8.2% in FY24, exceeding the 8% mark in three out of four quarters. This robust growth was driven by strong performance in the services and agriculture sectors.
Government's Policy Interventions and RBI's Price Stability
The Economic Survey also highlighted the government's timely policy interventions and the Reserve Bank of India's (RBI) price stability as key contributors to the economic growth. The government's policies, such as the Production-Linked Incentive (PLI) scheme and the National Infrastructure Pipeline (NIP), supported investment and job creation.
Other Key Highlights
- India's fiscal deficit is expected to remain below the budgeted 6.4% in FY24.
- Inflation is projected to moderate to 5.1% in FY24, within the RBI's target range of 4-6%.
- The current account deficit is expected to widen to 3.5% of GDP in FY24.
Implications for Budget 2024-25
The Economic Survey document may provide some hints about the shape and focus of the upcoming Budget for 2024-25. The government is likely to continue its focus on economic growth, price stability, and fiscal consolidation. The Budget may also include measures to support the agriculture sector, promote investment, and create jobs.
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