Finance Minister Nirmala Sitharaman on Monday released the Economic Survey 2024 report for the financial year 2023-24 in Parliament. The Economic Survey 2024 estimates the country’s real GDP rate to be between 6.5 percent and 7 percent in the financial year 2024-25. Finance Minister Nirmala Sitharaman will present the general budget in Parliament on July 23. The risks in the Economic Survey document have been kept balanced, keeping in mind the fact that market expectations are at a high level. This growth forecast is in line with the International Monetary Fund’s (IMF) estimate of 7 percent. However, it is lower than the Reserve Bank of India’s growth forecast of 7.2 percent for FY 2025.
The finance minister said economic growth is projected to be 8.2 per cent in FY24. The economy is expected to grow between 6.5 and 7 per cent in FY25. She also said core inflation – which the RBI expects to be 4.5 per cent in FY25 and 4.1 per cent next year – is “under control”.
The budget will be a strong foundation for the dream of developed India
A day before the budget, Prime Minister Narendra Modi on Monday said that India is one of the fastest growing economies. The country has registered a growth of 8 percent in the last three years. He said that the Union Budget will be a strong foundation of the government’s dream of a developed India.
Real GDP was 20 per cent higher than FY20 levels
The Survey said the Indian economy has recovered and expanded in a systematic manner over the past three years. Real GDP in FY24 was 20 per cent higher than FY20 levels, a feat achieved by only a few major economies, while strong growth remains strong in FY25 and beyond.
Growth has been inclusive, with unemployment and multidimensional poverty declining and labour force participation increasing. Overall, the Indian economy is optimistic for FY25, anticipating broad-based and inclusive growth.
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