FICCI President Anish Shah Praises Economic Survey 2023-24
Presented by Finance Minister Nirmala Sitharaman
The industry body FICCI has praised the Economic Survey 2023-24, which was presented in parliament by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. Dr. Anish Shah, President of FICCI, described the survey as a mature take on the outlook for the Indian economy.
Shah noted that the projected growth rate of 6.5-7% for the fiscal year 2024-25 might seem conservative but is encouraging for a rapidly growing country like India. He emphasized the need for further reforms to achieve even higher growth.
The Economic Survey highlighted six priority areas for India’s future development:
- Boosting private investments
- Strengthening MSMEs
- Removing impediments to the growth of the agriculture sector
- Having a clear framework for green transition financing
- Bridging the education-employment gap through greater focus on skilling
- Strengthening state capacity and capability
Shah expressed hope that the upcoming Union Budget would provide specific details on how the government plans to engage all stakeholders to drive these priorities forward. He also mentioned the importance of private sector financing and resource mobilization for building quality infrastructure, requiring support from both central and local governments.
Additionally, Shah highlighted the need to explore whether India’s inflation targeting framework should exclude food prices. The Economic Survey noted that the Indian economy is stable and resilient, having recovered and expanded post-pandemic, with the real GDP in 2023-24 being 20% higher than in pre-pandemic 2019-20.
Doubts Revealed
FICCI -: FICCI stands for the Federation of Indian Chambers of Commerce and Industry. It is an organization in India that represents businesses and industries.
Economic Survey -: The Economic Survey is a report presented by the government that reviews the country’s economic progress over the past year and gives an outlook for the future.
Finance Minister -: The Finance Minister is a government official responsible for managing the country’s finances, including the budget and economic policies. In this case, it is Nirmala Sitharaman.
Nirmala Sitharaman -: Nirmala Sitharaman is an Indian politician who is currently serving as the Finance Minister of India. She is responsible for the country’s financial and economic matters.
6.5-7% growth rate -: This means that the economy is expected to grow by 6.5 to 7 percent in the year 2024-25. Economic growth is important because it usually means more jobs and better living standards.
private investments -: Private investments refer to money put into businesses or projects by individuals or companies, rather than the government. This helps in creating jobs and boosting the economy.
green transition financing -: Green transition financing means funding projects that help the environment, like renewable energy or reducing pollution. It is important for sustainable development.
reforms -: Reforms are changes made to improve systems, laws, or policies. In this context, it means changes to make the economy stronger and more efficient.
private sector financing -: Private sector financing means money provided by private companies or individuals to fund projects or businesses. It is different from government funding.
quality infrastructure -: Quality infrastructure refers to well-built and efficient facilities like roads, bridges, and schools that help a country function better and improve people’s lives.