Summary:

According to Finance Minister Nirmala Sitharaman's Economic Survey 2023-24, India's real GDP is expected to expand by 6.5–7% in 2024-25. The survey indicated that FY24 GDP was 20% higher than pre-COVID FY20 levels, with an average annual growth rate of 6.6% over the past decade. However, geopolitical conflicts could disrupt supply chains, spike commodity prices, and impact inflation and monetary policy. The global trade outlook for 2024 is favorable, with anticipated increases in goods trade and potential growth in business and IT exports. Despite a core inflation rate of 3%, the RBI has maintained the current interest rate.

The survey highlighted India's economic resilience, with a real GDP growth rate of 8.2% in FY24, driven by strong consumption and robust investment demand. Agriculture contributed 17.7% to GVA, followed by industry at 27.6% and services at 54.7%. Manufacturing and construction both grew by 9.9%. High-frequency indicators, such as GST collections and e-way bills, showed significant growth. Residential real estate sales increased by 33%, reaching the highest level since 2013. The banking sector remains strong and well-positioned to meet rising financing needs.

Source: IBEF 

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