Highlights of Economic Survey 2023-24

Following are the highlights of the Economic Survey 2023-24 tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday.

The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.

• Projects economic growth at 6.5-7% in FY25 versus 8.2% in 2023-24

• Unprecedented third popular mandate of Modi government signals political, policy continuity

• 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

• To sustain post-pandemic recovery, there has to be heavy lifting on the domestic front

• 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

• Suggests ways to explore whether India's inflation targeting framework should target the inflation rate excluding food items

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

• Outlook for India's financial sector appears bright, says Economic Survey

• As financial sector undergoes critical transformation, it must brace for likely vulnerabilities originating globally or locally

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

• India's policy adeptly steered through challenges, ensuring price stability despite global uncertainties

• 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% of disease burden due to unhealthy diets; need transition towards balanced, diverse diet

• Remittances to India to grow at 3.7% to $124 billion in 2024, 4% in 2025 to reach $129 billion.