The recent Economic Survey 2023-24, presented in Parliament, has shown promising indicators for India's economic future, according to Union Home Minister Amit Shah. He remarked that the survey highlights Prime Minister Narendra Modi's vision of a Viksit Bharat, or a developed India, as an imminent possibility.
The survey, presented on Monday, documents the country's significant economic growth over the past decade and outlines its trajectory toward becoming a developed nation.
Amit Shah took to social media platform X to share his thoughts, stating, "The Economic Survey shows that PM Shri @narendramodi Ji’s vision of a Viksit Bharat is an imminent possibility. Over the last 10 years, the visionary policies of Modi Ji have placed Bharat at the pinnacle of economic growth.
The survey documents Bharat’s rise to the pedestal of the fastest-growing major economy while prominently outlining its future trajectory to emerge as a developed nation."
Prime Minister Narendra Modi also commented on the survey, highlighting the strengths of India's economy and the positive outcomes of various government reforms. He shared the survey on X, writing, "The Economic Survey highlights the prevailing strengths of India’s economy. It also showcases the outcomes of the various reforms our government has brought. It identifies areas for further growth and progress as we move towards building a Viksit Bharat."
The Economic Survey 2023-24, tabled by Finance Minister Nirmala Sitharaman, presents a robust picture of the Indian economy, which has demonstrated resilience amidst global geopolitical challenges. The 476-page document outlines how the Indian economy has consolidated its recovery post-Covid-19, with both fiscal and monetary policies ensuring economic and financial stability.
It asserts that the economy continues to expand, despite the volatile global environment, and emphasises that change remains a constant for a country with high growth aspirations.
The survey notes that the Indian economy has not only recovered but also expanded in an orderly manner post-pandemic. The real Gross Domestic Product (GDP) in 2023-24 is reported to be 20 percent higher than its pre-pandemic level in 2019-20, a significant achievement matched by only a few major economies.
Prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance, under the supervision of the Chief Economic Adviser, the Economic Survey provides insights into the state of the economy and various indicators for 2023-24, along with an outlook for the current year.
As Finance Minister Sitharaman prepares to present the Union Budget for 2024-25 in Parliament, she is set to surpass the record of former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964. Sitharaman's upcoming budget speech will be her seventh.
The Economic Survey has identified six key policy focus areas for the government to achieve sustained economic growth. These areas include generating productive employment, addressing the skill gap, tapping the full potential of the agriculture sector, easing compliance requirements and financing bottlenecks for MSMEs, managing India’s green transition, and addressing the persistent challenge posed by China.
Chief Economic Adviser V Anantha Nageswaran, speaking at a press conference after the survey's presentation, stated that India is poised to remain the fastest-growing major economy in 2024-25, with a projected growth rate of 6.5-7.0 percent. Global institutions such as the IMF, OECD, World Bank, S&P, ADB, and Fitch have projected India to grow in the range of 6.6-7.2 percent.
The International Monetary Fund (IMF) has also raised its growth projection for India for 2024 from 6.8 percent to 7 percent, maintaining India's status as the fastest-growing economy among emerging markets and developing economies. Official data from the Indian government indicates that the country's GDP grew by an impressive 8.2 percent during the financial year 2023-24, following growth rates of 7.2 percent in 2022-23 and 8.7 percent in 2021-22.
The Economic Survey 2023-24 paints a positive picture of India's economic trajectory, highlighting significant achievements and outlining a path toward further growth and development.
The government's focus on key policy areas and reforms is expected to continue driving India's economic success, positioning the country as a major player on the global stage.
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