Prime Minister Modi Highlights India’s Economic Strengths in 2023-24 Economic Survey
New Delhi [India], July 22: The Economic Survey 2023-24, presented in Parliament, highlights the strengths of India’s economy, according to Prime Minister Narendra Modi. He noted that the survey showcases the outcomes of various reforms and identifies areas for further growth.
Finance Minister Nirmala Sitharaman tabled the survey, which indicates that the Indian economy is stable and resilient despite global challenges. The survey, prepared by the Economic Division of the Department of Economic Affairs, shows that India’s GDP in 2023-24 is 20% higher than pre-pandemic levels, a feat achieved by few major economies.
The survey identifies 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 poised to remain the fastest-growing major economy in 2024-25, with a projected growth rate of 6.5-7.0%. Global institutions like the IMF and World Bank project India’s growth to be between 6.6-7.2%.
Official data shows India’s GDP grew by 8.2% in 2023-24, following growth rates of 7.2% in 2022-23 and 8.7% in 2021-22. Sitharaman is set to present the Union Budget for 2024-25, marking her seventh budget speech.
Doubts Revealed
Prime Minister Modi -: Prime Minister Modi is the leader of India. He makes important decisions for the country.
Economic Survey -: The Economic Survey is a report that tells us how well India’s economy is doing. It is presented every year by the Finance Minister.
Finance Minister Nirmala Sitharaman -: Nirmala Sitharaman is the person in charge of India’s money and finances. She helps make decisions about how the country spends and saves money.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country. It helps us understand how rich or poor a country is.
post-Covid recovery -: Post-Covid recovery means how well India is doing after the Covid-19 pandemic. It shows how the country is getting back to normal.
green transition -: Green transition means changing to ways that are better for the environment. This includes using clean energy and reducing pollution.
fastest-growing major economy -: This means that India’s economy is growing faster than other big countries’ economies. It shows that India is doing well in terms of economic growth.