Full Text: Economic Survey 2024 says short-term outlook positive, long term requires clear vision

Economic Survey 2024: Inflationary pressures stoked by global issues, supply chain disruptions, and vagaries of monsoons have been deftly managed by administrative and monetary policy responses. "As a result, after averaging 6.7 per cent in FY23, retail inflation declined to 5.4 per cent in FY24."

By: Express Web Desk

New Delhi | July 22, 2024 12:40 PM IST

2 min read

Chief Economic Advisor Dr. V. Anantha Nageswaran. File/Express Photo by Prem Nath Pandey

Finance Minister Nirmala Sitharaman Monday tabled in Parliament the Economic Survey for the year 2023-24, a day ahead of the Narendra Modi-led government’s Union Budget.

In his report, Chief Economic Advisory V Anantha Nageswaran said India’s economy carried forward the momentum it built in FY23 into FY24 despite a gamut of external challenges. “India’s real GDP grew by 8.2 per cent in FY24, exceeding the 8 per cent mark in three out of four quarters of FY24. The focus on maintaining macroeconomic stability ensured that external challenges had minimal impact on India’s economy,” the survey stated.

The survey stated that inflationary pressures stoked by global issues, supply chain disruptions, and vagaries of monsoons have been deftly managed by administrative and monetary policy responses. “As a result, after averaging 6.7 per cent in FY23, retail inflation declined to 5.4 per cent in FY24.”

Furthermore, the survey stated that in FY24, “the government’s timely policy interventions and the Reserve Bank of India’s price stability measures helped maintain retail inflation at 5.4 per cent – the lowest level since the pandemic.”

Below is the full text of the Economic Survey 2024:

Economic Survey 2023-24 by Express Web on Scribd

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