These are the special things of the Economic Study 2024, understand them in 20 points

Finance Minister Nirmala Sitharaman will present the country’s general budget on July 23, 2024. Like every time, this time too, she is going to break a new record in her budget speech.

Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24 in Parliament. In this economic survey, estimates have been made about growth. Also, concerns have been raised about inflation. On the other hand, it has also been said how many jobs are required in the country every year? How did the government try to keep the country’s economy stable during the geopolitical tension? Moreover, the Economic Survey also provided information about how much money have Indians living abroad sent to the country and how much can they send in the current financial year? This economic survey has been prepared by Chief Economic Adviser V Ananth Nageswaran and his team. Let us try to understand this entire economic picture in 20 points…

20 key points from the Economic Study…

1. The economic growth rate is estimated to be 6.5-7 per cent in the financial year 2024-25, while it is estimated to be 8.2 per cent in 2023-24.
2. Prime Minister Narendra Modi’s government’s unprecedented third popular mandate signals political continuity.
3. Despite uncertain global economic performance, domestic growth-promoting factors supported economic growth in fiscal year 2023-24.
4. The Indian economy is in a strong and stable position, demonstrating its ability to fight against geopolitical challenges.

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5. To fully overcome the effects of the global pandemic, hard work will be needed on the domestic front.
6. Reaching consensus on major global issues such as trade, investment and climate has become exceptionally difficult.
7. The short-term inflation outlook is favourable, but India faces a persistent shortage of pulses and consequent price pressure.
8. Expectations of a normal monsoon and weakening import prices strengthen RBI’s inflation projections.
9. The hardships caused by high food prices for poor and low-income consumers can be addressed through direct benefit transfers or vouchers for specific purchases valid for a reasonable period.
10. Ways have been suggested to determine whether India’s inflation targeting framework should target the inflation rate excluding food.
11. Rising geopolitical tension and its impact may affect the RBI’s monetary policy stance.
12. The outlook for India’s financial sector is bright. As the financial sector is undergoing significant changes, it needs to be prepared for potential vulnerabilities that may arise at the global or local level.
13. Better corporate and bank balance sheets will further strengthen private investment.
14. India’s policies addressed the challenges efficiently, ensuring price stability despite global uncertainties.
15. Gains in tax compliance, spending restraint and digitalisation helped India achieve a better balance in government fiscal management.
16. The capital market is emerging as a key player in India’s growth story, and the market remains capable of handling global geopolitical and economic shocks.
17. There is considerable uncertainty about the impact of artificial intelligence (AI) on workers at all skill levels.
18. Increased FDI inflows from China can help India increase its participation in the global supply chain and boost exports.
19. 54 percent of diseases in the country are caused by unhealthy eating; the need to move towards a balanced and varied diet.
20. Money sent back to the country by Indians living abroad is set to rise 3.7 per cent to $124 billion in 2024. It is estimated to reach $129 billion in 2025.