Indian Economy Thriving Despite Global Challenges: Economic Survey 2023-24

The Economic Survey 2023-24, released by Finance Minister Nirmala Sitharaman today, shows that India’s economy is doing well despite global problems. The detailed report, which is 476 pages long, highlights that the Indian economy is stable and growing strong.

Recovery and Growth

The survey shows that India has successfully recovered from the impacts of Covid-19. The country’s economy is expanding, with growth rates of 9.7% and 7.0% in the past two years. The report notes that while the global situation is uncertain, India’s economic situation is strong.

To keep this growth going, the survey says that India needs to focus on its own efforts. The global environment is challenging, especially in areas like trade, investment, and climate.

Investment and Public Sector Role

The report highlights the important role of public investment in building up the economy. After a period when private companies were less active, they are now starting to invest more. This trend is expected to continue, and early signs suggest that private sector investments are still growing, though at a slower pace.

Inflation, Trade, and Current Account

Inflation is mostly under control, but prices for some food items are high. The trade deficit (the gap between imports and exports) was lower in FY24 compared to FY23. The current account deficit (which measures the difference between what a country earns and spends) is about 0.7% of GDP, and there was a surplus in the last quarter of the financial year. India also has ample foreign exchange reserves.

Working Together for Growth

The survey calls for cooperation between the government, private sector, and the public to overcome global challenges. It suggests that the government should trust the private sector to invest wisely, while people should manage their finances and health responsibly.

Upcoming Budget

Finance Minister Nirmala Sitharaman will soon present her budget, making her the longest-serving finance minister since Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964. This will be Sitharaman’s seventh budget speech.

The Economic Survey 2023-24 provides a positive view of India’s economic situation. With ongoing investment, strong public and private sector contributions, and effective policies, India is set to continue its growth and handle global challenges.