The Economic Survey 2024
On July 22, 2024, Finance Minister Nirmala Sitharaman presented the Economic Survey 2024, offering a detailed examination of India’s economic progress in the previous year and forecasts for the future. The survey emphasizes various important factors.
- For the third consecutive year, the Indian economy has maintained a growth rate of over 7%. This growth has been fueled by stable consumption and increasing investment demand. Inflation has been effectively managed through strategic administrative and monetary policies, resulting in a decrease in retail inflation to 5.4% in FY24, the lowest since the pandemic.
- The current account deficit has also improved, dropping to 0.7% of GDP from 2.0% in FY23.
- India’s forex reserves are sufficient to cover more than ten months of projected imports, and the banking sector has shown strong performance with double-digit credit growth and low NPAs. However, net FDI inflows declined to $26.5 billion in FY24 from $42 billion in FY23.
- The agriculture sector has grown at an annual rate of 4.18% over the past five years, the industry at 9.5% in FY24, and the services sector contributed 55% to the economy in FY24.
- Looking ahead, inflation is projected to decline to 4.5% in FY25 and 4.1% in FY26, assuming normal monsoon conditions and no major external shocks.
- The focus will be on bottom-up reforms, job and skill creation, MSME development, green transition, and addressing inequality.
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