A day ahead of presenting the Union Budget for the upcoming year, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 and kicked off the Parliament’s Budget Session. The survey projects that the Indian economy will grow at 6.5-7 per cent in FY25.

Key highlights of the Economic Survey 2023-24

Economic Survey 2023-24 conservatively projects a real GDP growth of 6.5–7 per cent in FY25, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side.

The RBI and the IMF have projected that India's consumer price inflation will progressively align towards the inflation target in FY26.

Assuming a normal monsoon and no further external or policy shocks, the RBI expects headline inflation to be 4.5 per cent in FY25 and 4.1 per cent in FY26.

IMF10 has projected an inflation rate of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India.

Remittances to India to grow at 3.7% to USD 124 billion in 2024, 4% in 2025 to reach USD 129 billion.

As much as 54 pc of disease burden due to unhealthy diets; need transition towards balanced, diverse diet.

Increased FDI inflows from China can help India enhance participation in global supply chain, boost exports.

AI casts huge pall of uncertainty with regard to impact on workers across all skill levels.

Short-term inflation outlook benign, but India faces persistent deficit in pulses and consequent price pressures.

Capital markets becoming prominent in India’s growth story; mkt resilient to global geopolitical and economic shocks. As financial sector undergoes critical transformation, it must brace for likely vulnerabilities originating globally or locally.

Power is a prized possession of governments; it can let go of at least some of it and enjoy the lightness it creates.