Economic Survey 2023-24 Projects India’s GDP Growth at 6.5-7%, PM Modi Praises Economic Strength

July 23, 2024July 23, 2024

2 min read

New Delhi, India — The Economic Survey 2023-24, tabled in Parliament on Monday by Union Finance Minister Nirmala Sitharaman, projects India’s GDP growth at 6.5-7% for the current fiscal year. This forecast, though lower than the previous year’s 8.2% growth rate, underscores the resilience and ongoing recovery of the Indian economy. Prime Minister Narendra Modi hailed the survey, highlighting the robust performance and potential for further progress.

“The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought. It also identifies areas for further growth and progress as we move towards building a Viksit Bharat,” the Prime Minister posted on social platform X.

The Reserve Bank of India (RBI) has projected GDP growth for the fiscal year ending March 2025 at 7.2%, aligning closely with the survey’s optimistic outlook. The Economic Survey emphasized a benign short-term inflation outlook, supported by expectations of a normal monsoon and moderating global prices of key imported items, lending credibility to projections from both the RBI and the International Monetary Fund (IMF).

On Tuesday, Finance Minister Nirmala Sitharaman is set to present her seventh consecutive budget, surpassing the record of former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as Finance Minister. This budget, termed as crucial for ‘Amrit Kaal,’ aims to lay a strong foundation for India’s vision of a ‘Viksit Bharat’ (Developed India).

“This Budget is an important budget for Amrit Kaal. Today’s budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of ‘Viksit Bharat’,” the Prime Minister stated earlier in the day.

The Economic Survey outlined various reform outcomes, including increased digitalization, infrastructure development, and enhanced ease of doing business. It also pinpointed key areas for further growth, such as technology adoption, green energy initiatives, and socio-economic inclusivity.

As India navigates its economic trajectory, the survey and forthcoming budget are poised to shape the nation’s path towards sustained growth and development, reinforcing its position as a major global economy.

For more details and updates, visit Sarhind Times.