Economic Survey 2023-24 projects real GDP growth of 6.5 to 7 percent for FY 2024-25. On 22 July 2024, Finance Minister Nirmala Sitharaman tabled the survey in the Lok Sabha.
The survey highlights domestic growth drivers supporting economic growth in FY 2023-24, with merchandise and services exports likely to increase. Normal rainfall and a good southwest monsoon are expected to boost agriculture and rural demand. Structural reforms like GST and IBC are delivering results.
The Reserve Bank of India expects headline inflation to be 4.5 percent in FY 2025 and 4.1 percent in FY 2026, while the IMF projects 4.6 percent in 2024 and 4.2 percent in 2025.
Real GDP in FY 2024 was 20 percent higher than in FY 2020, with robust growth, inclusive development, reduced unemployment, lower multidimensional poverty, and higher labor force participation. The country’s real GDP grew by 8.2 percent in FY 2024, with stable consumption demand and improving investment demand. Net taxes at constant prices grew by 19.1 percent in FY 2024.
The global trade outlook for 2024 is positive, with merchandise trade expected to pick up, though corrections in financial market valuations could impact growth prospects.
MCQs on Economic Survey 2023-24
Q.: What is the projected real GDP growth for FY 2024-25 according to the Economic Survey 2023-24?
A) 5-6%
B) 6.5-7%
C) 7-8%
D) 4.5-5%
Ans : B) 6.5-7%
Economic Survey 2023-24 projects real GDP growth of 6.5 to 7 percent for FY 2024-25.
Q.: Who tabled the Economic Survey 2023-24 in the Lok Sabha?
A) Prime Minister Narendra Modi
B) Finance Minister Nirmala Sitharaman
C) Home Minister Amit Shah
D) President Ram Nath Kovind
Ans : B) Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman tabled the survey in the Lok Sabha.
