Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023/24 in Parliament Monday, a day before she will present a record seventh union budget. Ms Sitharaman described the economy as being on a “strong wicket and stable footing” and resilient in the face of geopolitical challenges.
She said economic growth in FY24 was an estimated 8.2 per cent and that the economy is expected to grow between 6.5 and 7 per cent in FY25. Headline inflation – which the Reserve Bank expects at 4.5 per cent in FY25 and 4.1 per cent the following year – is “under control”, she also said.
The inflation rate of some food items, however, is elevated, the government admitted.
“The Indian economy is on a strong wicket and stable footing (and) demonstrating resilience in the face of geopolitical challenges. The economy has consolidated post-Covid recovery with policymakers – fiscal and monetary – ensuring economic and financial stability…” the report said.
But “change is the only constant for a country with high growth aspirations…” the Economic Survey also said, noting that for this high-recovery phase to be sustained “there has to be heavy lifting on the domestic front…” because a tricky global environment had made it difficult to reach agreements on key issues, including trade, investment, and climate change.
