The Indian economy continues to expand, demonstrating resilience amid geopolitical challenges, according to the Economic Survey 2023-24. Here are the highlights from the survey, tabled by Finance Minister Nirmala Sitharaman in Parliament on Monday:
- Growth Projection: GDP growth is projected at 6.5–7 percent for FY25, in line with estimates from global agencies such as the IMF but slightly lower than the RBI’s forecast of 7.2 percent.
- Job Creation: India needs to generate approximately 7.85 million jobs annually in the non-farm sector until 2030 to accommodate its growing workforce.
- Inflation Management: Retail inflation decreased to 5.4 percent in FY24, down from 6.7 percent in FY23, due to effective policy responses amidst both global and domestic challenges.
- Foreign Direct Investment (FDI): FDI remained resilient, despite a slight decline in new capital inflows to USD 45.8 billion in FY24 from USD 47.6 billion in FY23, reflecting broader global economic trends.
- Sectoral Growth: The services sector grew by 7.6 percent in FY24, while the agriculture sector expanded by 4.18 percent over the past five years.
