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India’s economy outperforms global peers: Key insights from Economic Survey 2023-24

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India’s economy has displayed remarkable resilience in the face of a global economic slowdown. The Economic Survey for 2023-24 projects a conservative growth outlook of 6.5-7 percent for FY25. Chief Economic Advisor V Anantha Nageswaran, in his presentation, highlighted significant achievements while stressing the need for increased private sector investment and reduced governmental intervention.

Despite global fiscal challenges, India has maintained a steady growth trajectory. The fiscal deficit of the Union Government decreased from 6.4 percent of GDP in FY23 to 5.6 percent in FY24, thanks to robust tax revenues and higher-than-expected non-tax revenues. This fiscal prudence led S&P Global to upgrade India’s credit rating outlook from stable to positive in May 2024, the first upgrade in 13 years.

Key highlights from the Economic Survey:

  • Strong domestic demand: Robust domestic consumption and investment have been key drivers of India’s economic growth.
  • Agricultural resilience: The agriculture sector has shown resilience, contributing to overall economic stability.
  • Digital transformation: India’s rapid adoption of digital technologies has boosted efficiency and inclusivity.
  • Infrastructure development: Government’s focus on infrastructure has laid the foundation for sustained growth.
  • Global investor confidence: India has emerged as a preferred investment destination, attracting significant foreign capital.

The Economic Survey underscores India’s potential to become a global economic powerhouse. By capitalizing on its strengths and addressing emerging challenges, the country can further solidify its position on the world stage. The country continues to progress in various sectors, driven by prudent fiscal management, significant government-led capital expenditure, and an evolving social welfare approach. While challenges remain, the outlook for India’s economy remains positive, underpinned by a robust framework of policies and initiatives aimed at sustainable growth and development.

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