In the current fiscal year India’s economy is projected to grow at a rate of 6.5-7 %, according to the Economic Survey for 2023-24 presented by Finance Minister Nirmala Sitharaman.
The survey showed that domestic growth drivers have continued to support economic growth in FY24 despite an uncertain global economic environment.
The survey highlighted that the real GDP in FY24 was 20% higher than its level in FY20, an achievement among major economies. It also pointed to a strong chance for continued robust growth in FY25 and beyond.
The real GDP in FY24 was 20% higher than its level in FY20, a feat that only a very few major economies achieved, while also leaving a strong possibility for robust growth in FY25 and beyond.
Growth has been inclusive with a reduction in unemployment and multi-dimensional poverty and increase in labour force participation. India’s real GDP grew by 8.2 % in FY24, exceeding 8% mark in three out of four quarters of FY24.
Since 2014, India’s GDP has grown from $2 trillion to near $3.5 trillion in fiscal 2023-24 (April-March) and is expected to expand 7.2 % in the current year, according to the media reports.
Comments