INDIA'S ECONOMIC SURVEY 2023-24 HIGHLIGHTS ROBUST GROWTH AND STRATEGIC VISION

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 in the Parliament on the first day of the Budget session which had said that India was a resilient economic powerhouse, deftly navigating global headwinds while charting its own course towards sustainable and inclusive growth.

- ABHINANDAN MISHRA

With a robust GDP growth of 8.2% in FY24, the survey underscores India’s economic strength and adaptability in the face of external challenges.

It painted a comprehensive picture of an economy transitioning from recovery to growth, balancing immediate development needs with long-term sustainability goals.

The report has highlighted India’s unique approach to climate action, emphasizes the critical role of strategic sectors like agriculture and MSMEs, and outlines a vision for harnessing technology and human capital to fuel the next phase of growth.

On Tuesday, Sitharaman will present the Budget document. The economic survey is prepared by the Economics Division of the Department of Economic Affairs under the guidance of Chief Economic Advisor, who at the present is V Anantha Nageswaran. It offers an in-depth review of India’s economy for the past financial year and provides a summary of the government’s economic performance, highlighting major developmental programs and policy initiatives and an outlook for the upcoming financial year.

The survey tabled on Monday said that India’s economy has shown remarkable resilience, exceeding the 8% growth mark in three out of four quarters of FY24. This growth came despite external challenges, which highlighted the country’s economic stability.

According to Sitharaman, the focus on maintaining macroeconomic balance has ensured minimal impact from global disruptions even as the Global economic growth was 3.2 per cent in 2023 as per the April World Economic Outlook.

As per the survey document, the government’s thrust on capital expenditure and sustained private investment momentum has boosted capital formation growth, with Gross Fixed Capital Formation increasing by 9% in real terms in 2023-24.