Insights from Economic Survey 2023 - 24: Growth Trends and Strategy Analysis

Overview of Economic Survey 2023 - 24

Union Finance Minister Nirmala Sitharaman recently presented the Economic Survey 2023 - 24 in the Parliament , offering a comprehensive review of India 's economy during the previous financial year . The survey , prepared by the Economics Division of the Department of Economic Affairs under the Finance Ministry , provides key insights into the country 's economic performance and policy priorities.

Key Points from Economic Survey 2023 - 24

The Economic Survey highlighted various key numbers and projections for the Indian economy . It stated that India 's GDP is expected to grow at a rate of 6.5 to 7 per cent in the current fiscal year , with challenges from global factors impacting exports . The survey also noted that the fiscal deficit had been reduced from 6.4 per cent of GDP in FY23 to 5.6 per cent of GDP in FY24 . Additionally , capital expenditure for FY24 saw a significant increase , signaling a positive trend in economic growth.

According to the survey , India 's external sector is being managed effectively , with comfortable foreign exchange reserves and a stable exchange rate . The Indian Rupee was noted as one of the least volatile currencies among its emerging market counterparts . Remittances to India , a significant source of external financing , are projected to grow in the coming years , contributing to the country 's economic stability.

The survey also highlighted challenges faced by the agricultural sector , such as extreme weather conditions , lower reservoir levels , and crop damage , leading to higher food prices . Despite these challenges , efforts by the government , such as the Pradhan Mantri Garib Kalyan Anna Yojana , have helped in moderating inflation rates . Inflation in most States and Union Territories has decreased , indicating a positive trend in economic stability.

In conclusion , the Economic Survey 2023 - 24 serves as a crucial document that provides valuable insights into India 's economic trajectory , policy priorities , and challenges faced by various sectors . It plays a significant role in informing budget priorities for the upcoming year and reviews economic developments that shape the country 's economic landscape .

Overall , the survey acts as a vital tool for policymakers , economists , and stakeholders to understand and analyze the state of the Indian economy and make informed decisions for the future.