India's GDP Growth Hits 8.2%, Inflation Eases: Economic Survey 2023-24

New Delhi, Jul 22 (KNN) The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman in Parliament, paints a positive picture of India's economy despite global uncertainties.

The 476-page document highlights several key areas of growth and resilience.

According to the survey, India's real GDP grew by 8.2 per cent in FY24, exceeding 8 per cent in three out of four quarters. This growth comes alongside improved inflation control, with retail inflation declining to 5.4 per cent in FY24, down from 6.7 per cent in FY23, thanks to government interventions and RBI measures.

The external sector has shown stability, with the current account deficit narrowing to 0.7% of GDP in FY24. Foreign exchange reserves are reported to be sufficient to cover over 10 months of projected imports, indicating a strong financial position.

The services sector, which accounts for about 55 per cent of the economy, grew by 7.6 per cent in FY24, continuing to be a major contributor to India's economic growth.

The survey also notes significant progress in infrastructure development, including advancements in highway construction, railway investments, and clean energy projects.

In the social sector, the report highlights improvements in education, healthcare, and women-led development initiatives. These developments are seen as crucial for inclusive growth and social progress.

The Economic Survey emphasises the need for continued domestic efforts to sustain recovery, given the challenging global environment. It also underscores the importance of private sector investment and addressing climate change while maintaining India's unique developmental path.

Looking ahead, the survey suggests focusing on job creation, unlocking the agriculture sector's potential, and leveraging technological advancements to ensure sustainable and inclusive growth in the coming years.

As India moves forward, these areas are seen as key to maintaining the country's economic momentum and addressing future challenges.

(KNN Bureau)