Economic Survey highlights prevailing strengths of India's economy: PM Modi

The Economic Survey highlights the prevailing strengths of Indias economy Prime Minister Narendra Modi said in his first reaction after the Economic Survey 202324 was presented in Parliament on MondayTaking to X PM Modi wrote the Survey document also showcases the outcomes of the various reforms his government has broughtIt also identifies areas for further growth and progress as we move towards building a Viksit Bharat he wrote on X sharing the Economic Survey along with the postAs per the Economic Survey 202324 tabled by Finance Minister Nirmala Sitharaman the Indian economy is on a strong wicket and stable footing demonstrating resilience in the face of geopolitical challengesThe Indian economy has consolidated its postCovid recovery with policymakers fiscal and monetary ensuring economic and financial stability the 476page Economic Survey document said in its initial remarks It asserted that the economy continues to expandHowever indicating global volatility the Survey document asserted that change is the only constant for a country with high growth aspirationsFurther it noted that the Indian economy has recovered and expanded in an orderly fashion postpandemic and the real Gross Domestic Product GDP in 202324 was 20 per cent higher than its level in prepandemic 201920This as per the Survey document is a feat that only very few major economies have achievedThe Economic Survey document prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser gives insights into the state of the economy and various indicators of 202324 AprilMarch and some outlook for the current yearSitharaman is set to present the Union Budget for 202425 in Parliament With this Budget presentation Sitharaman is set to surpass the record set by former Prime Minister Morarji Desai who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister Sitharamans upcoming budget speech will be her seventhThe Economic Survey for 202324 tabled in the Parliament on Monday has identified six key policy focus areas for the government to achieve sustained economic growthThose six areas where the government would focus are generating productive employment skill gap tapping the full potential of the agriculture sector easing the compliance requirements and financing bottlenecks confronting MSMEs managing Indias green transition and the persistent China challengeIndia is poised to remain the fastestgrowing major economy in 202425 Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey The Economic Survey tabled today projected India to grow at 6570 per cent in 202425Global institutions including IMF OECD World Bank SampP ADB and Fitch have projected India to grow in a range of 6672 per centThe International Monetary Fund IMF in its latest outlook has raised Indias growth projections for 2024 from 68 per cent earlier to 7 per cent with the country maintaining the fastestgrowing status in emerging markets and developing economiesAccording to official data of the Indian government the countrys GDP grew at an impressive 82 per cent during the financial year 202324 Indias economy grew 72 per cent in 202223 and 87 per cent in 202122 respectivelyThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever