"The Survey conservatively projects a real GDP growth of 6.57 per cent, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side," said the Economic Survey 2023-24.
The current account deficit for the year is around 0.7% of GDP. The current account registered a surplus in the last quarter of the financial year.
The real GDP in FY24 was 20% higher than its level in FY20, a feat that only a very few major economies achieved, while also leaving a strong possibility for robust growth in FY25 and beyond.
Growth has been inclusive with a reduction in unemployment and multi-dimensional poverty and an increase in labour force participation. Overall, the Indian economy looks forward to FY25 optimistically, anticipating broad-based and inclusive growth.
Inflationary pressures stoked by global troubles, supply chain disruptions, and vagaries of monsoons have been deftly managed by administrative and monetary policy responses, stated the Economic Survey. It added, after averaging 6.7 per cent in FY23, retail inflation declined to 5.4 per cent in FY24.
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