Ministry of Finance releases ‘The Indian Economy – A Review’ before Budget 2024

The Ministry of Finance has released the ‘The Indian Economy – A Review’ before Budget 2024 as tribute to the government policies. It is clarified that distinct from the Economic Survey of India prepared by the Department of Economic Affairs, this review takes stock of the Indian economy’s journey over the past ten years, providing insights into its current state and outlining future prospects.

It has two chapters. Chapter 1: Past, Present, and Future Overview The first chapter offers a broad perspective on the Indian economy, capturing its historical evolution and outlining expectations for the years ahead. Chapter 2: Government Policies and Sectoral Progress Chapter 2 delves deeper into the policies and advancements made by the government across various sectors, offering a detailed analysis of the nation’s economic landscape. The review stated that, there is a strong likelihood that the Indian economy will achieve a growth rate at or above 7% for FY24, with predictions indicating a continuation of robust growth in FY25. This resilience, if realised, will mark the fourth consecutive year of 7% or higher real growth post-pandemic, showcasing the remarkable potential and durability of the Indian economy. “Some economists argued, with considerable merit, that not all growth is equal.

They are right. It is one thing for India to grow at 8-9 per cent when the world economy is growing at 4 per cent, but it is another thing to grow at or above 7 per cent when the world economy is struggling to grow at 2 per cent. One unit of growth in the latter circumstance is qualitatively superior to the former. The marginal utility of growth in the second scenario is much higher”, clarified the Chief Economic Adviser, V Anantha Nageswaran in the preface of the document. The CEA noted down that “As the government resolves longstanding problems such as deficient infrastructure and financial exclusion, aspirations rise, and expectations shift higher. That is actually a tribute to the policies and performance of the government.”

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