New Delhi: A day before the Union Budget, which will be unveiled by Finance Minister Nirmala Sitharaman on Wednesday, the Economic Survey for 2023–24 was introduced in the Parliament on Tuesday.
Chief economic advisor (CEA) Dr V Anantha Nageswaran later addressed a press conference, in which he unveiled the document to the public.
The Economic Survey reflects the state of India’s economy and presents detailed statistical data on different sectors and how they performed in the year gone by.
Here are the key highlights of the Economic Survey:
- India’s economy is projected to grow at 6.5% in 2023-24 as compared to 7% this fiscal and 8.7% in 2021-22.
- The Real GDP growth is expected to be in the range of 6-6.8% in the next fiscal. However, this will depend depending on several global economic and political developments.
- India has been called the third-largest economy in PPP terms and the fifth-largest economy in terms of exchange rate.
- RBI’s projection of 6.8 per cent inflation for this fiscal, outside the upper target limit, has been considered to not be high enough to deter private consumption. Interestingly, it has also not been considered too low to weaken the inducement to invest more.
- Since the rupee depreciation, especially with regards to the US Dollar has been a concern, the Economic Survey reads, “Challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed.”
- The Current Account Deficit (CAD) may continue to widen as global, commodity prices remain elevated on the backdrop of the Russia-Ukraine war. However, if this CAD widens further, the depreciation pressure on the Indian rupee may also increase.
- The surge in growth rate in 2021-22 and in the first half of the current fiscal has also led to the production processes shifting gears from ‘mild acceleration’ to ‘cruise mode.”
(With Agency Inputs)
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