Economic Survey highlights prevailing strengths of India's economy: PM Modi

PM Narendra Modi. File Pic/AFP

The Economic Survey highlights the prevailing strengths of India's economy, Prime Minister Narendra Modi said in his first reaction after the Economic Survey 2023-24 was presented in Parliament on Monday.

Taking to X, PM Modi wrote the Survey document also showcases the outcomes of the various reforms his government has brought.

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"It also identifies areas for further growth and progress as we move towards building a Viksit Bharat," he wrote on X, sharing the Economic Survey along with the post.

As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.

The Indian economy has consolidated its post-Covid recovery with policymakers - fiscal and monetary - ensuring economic and financial stability, the 476-page Economic Survey document said in its initial remarks. It asserted that the economy continues to expand.

However, indicating global volatility, the Survey document asserted that change is the only constant for a country with high growth aspirations.

Further, it noted that the Indian economy has recovered and expanded in an orderly fashion post-pandemic and the real Gross Domestic Product (GDP) in 2023-24 was 20 per cent higher than its level in pre-pandemic 2019-20.

This, as per the Survey document, is a feat that only very few major economies have achieved.

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

Sitharaman is set to present the Union Budget for 2024-25 in Parliament. With this Budget presentation, Sitharaman is set to surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman's upcoming budget speech will be her seventh.

The Economic Survey for 2023-24 tabled in the Parliament on Monday has identified six key policy focus areas for the government to achieve sustained economic growth.

Those six areas where the government would focus are generating productive employment; skill gap, tapping the full potential of the agriculture sector, easing the compliance requirements and financing bottlenecks confronting MSMEs, managing India's green transition, and the persistent China challenge.

India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25.

Global institutions, including IMF, OECD, World Bank, S&P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent.

The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies.

According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively.

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