Amit Shah and PM Modi Praise Economic Survey 2023-24
India’s Growth and Future Plans
Union Home Minister Amit Shah and Prime Minister Narendra Modi have praised the Economic Survey 2023-24, which was presented in Parliament. Amit Shah said that the survey shows Prime Minister Narendra Modi’s vision of a developed India is becoming a reality. He highlighted that Modi’s policies over the last 10 years have driven India’s economic growth.
Prime Minister Modi also commented on the survey, noting that it highlights the strengths of India’s economy and the outcomes of various reforms. He emphasized the areas identified for further growth as India moves towards becoming a developed nation.
The Economic Survey, presented by Finance Minister Nirmala Sitharaman, indicates that the Indian economy is strong and stable, showing resilience despite global challenges. The survey notes that India’s GDP in 2023-24 is 20% higher than pre-pandemic levels, a feat achieved by few major economies.
The survey, prepared by the Economic Division of the Department of Economic Affairs, outlines six key policy areas for sustained growth: generating productive employment, addressing skill gaps, maximizing agricultural potential, easing compliance for MSMEs, managing the green transition, and addressing challenges from China.
Chief Economic Adviser V Anantha Nageswaran stated that India is expected to remain the fastest-growing major economy in 2024-25, with projected growth of 6.5-7.0%. Global institutions like the IMF and World Bank have similar projections, with the IMF raising India’s growth forecast to 7% for 2024.
Finance Minister Sitharaman is set to present the Union Budget for 2024-25, marking her seventh budget speech, surpassing the record of former Prime Minister Morarji Desai.
Doubts Revealed
Amit Shah -: Amit Shah is the Union Home Minister of India. He is responsible for the country’s internal security and law enforcement.
PM Modi -: PM Modi stands for Prime Minister Narendra Modi. He is the head of the government in India and makes important decisions for the country.
Economic Survey -: The Economic Survey is a report presented by the government that reviews the country’s economic progress and suggests future plans. It helps in understanding how well the economy is doing.
2023-24 -: 2023-24 refers to the financial year starting from April 2023 to March 2024. It is the period for which the Economic Survey is made.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country. It shows how rich or poor a country is.
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money, including the budget and economic policies.
post-Covid -: Post-Covid means the time after the Covid-19 pandemic. It refers to how things are recovering after the pandemic affected the world.
policy areas -: Policy areas are specific topics or sectors where the government focuses its efforts. In this case, it includes employment, agriculture, and green transition.
green transition -: Green transition means moving towards environmentally friendly practices. It includes using renewable energy and reducing pollution.
6.5-7.0% -: 6.5-7.0% is the projected growth rate of India’s economy for the year 2024-25. It means the economy is expected to grow by this percentage.
fastest-growing major economy -: Fastest-growing major economy means that among the big countries, India’s economy is growing the quickest. It shows that India is developing rapidly.
