Prime Minister Narendra Modi has expressed his approval of the Economic Survey 2023-24, which was presented by Union Finance Minister Nirmala Sitharaman.
Modi emphasized that the survey showcases the strength of the Indian economy and highlights the positive outcomes of various reforms introduced by the government. He also mentioned that the survey identifies areas for further growth as India moves towards becoming a developed nation, or “Viksit Bharat.”
The Economic Survey, tabled in Parliament, projects India’s GDP to grow between 6.5% and 7% in the current fiscal year. This is a slight decrease compared to the 8.2% growth estimated for the previous financial year. The Reserve Bank of India (RBI) has projected a 7.2% GDP growth for the fiscal year ending in March 2025.
The survey indicates a favorable short-term inflation outlook for the country. Factors such as the expectation of a normal monsoon and moderating global prices of key imported items support the projections made by the RBI and the International Monetary Fund (IMF). The survey also commends the government’s efforts to boost exports and reduce dependence on Chinese imports.
On Tuesday, Finance Minister Nirmala Sitharaman is set to present her seventh consecutive budget. With this, she will surpass the record of former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as the finance minister.
Prime Minister Modi has highlighted the importance of this budget, calling it a crucial one for the “Amrit Kaal”—a term used to describe the next phase of India’s development. He stated that the budget will set the direction for the next five years and serve as a strong foundation for achieving the vision of a developed India.
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