New Delhi: Following are the highlights of the Economic Survey 2023-24 tabled in Parliament by Finance Minister Nirmala Sitharaman Monday. The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
* 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
* 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
* Escalation in geopolitical conflicts and its impact may influence RBI’s monetary policy stance: Eco Survey.
* Outlook for India’s financial sector appears bright, says Economic Survey
* 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: Survey
* 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.
PTI