FM Nirmala Sitharaman Presents Economic Survey 23-24 In Rajya Sabha, Check Key Highlights

The Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce, according to the Economic Survey for 2023-24.

Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 in Rajya Sabha. Earlier the Economic Survey 2023-24 was presented in Lok Sabha by union minister.

The economic survey presented in the Parliament by finance minsiter Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent

The economic survey stated, “In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector.”

Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector.

Key Highlights Of Economic Survey 23-24

* Domestic growth drivers supported economic growth in FY24 despite uncertain global economic performance

* Indian economy on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges

* Reaching agreements on key global issues like trade, investment and climate, has become extraordinarily difficult

* Short-term inflation outlook benign, but India faces persistent deficit in pulses and consequent price pressures

* Expectations of normal monsoon, and moderating global prices of imports give credence to benign inflation projections by RBI

* Hardships caused by higher food prices for poor and low-income consumers can be handled through direct benefit transfers or coupons for specified purchases valid for appropriate durations

* Escalation in geopolitical conflicts and its impact may influence RBI’s monetary policy stance: Eco Survey.

* Economic Survey 2023-24 says healthier corporate and bank balance sheets will further strengthen private investment

* Tax compliance gains, expenditure restraint, and digitisation help India achieve fine balance in govt’s fiscal management: Survey

* Capital markets becoming prominent in India’s growth story; market resilient to global geopolitical, economic shocks

* AI casts a huge pall of uncertainty over the impact on workers across all skill levels

* Increased FDI inflows from China can help India enhance participation in global supply chain, boost exports

* As much as 54 pc of disease burden due to unhealthy diets; need transition towards balanced, diverse diet

* Remittances to India to grow at 3.7 pc to USD 124 billion in 2024, 4 pc in 2025 to reach USD 129 billion.

(With Inputs From PTI)