On Monday, July 22, Union Minister of Finance Nirmala Sitharaman presented the Economic Survey document to the Parliament. The poll emphasized the resilience the Indian Economy is in the face of global challenges. “India’s real GDP increased by 8.2% in FY24, marking growth of more than 7% for a third year in a row, owing to steady
demand for expenditures along with continually rising demand for expenses, according to the the survey.
- India’s economy is strong
India’s economy persevered in spite of worldwide obstacles. For the third year in a row, the economy expanded by over 7 percent, driven by steady demand for Investment and strong demand for consumption.
- A stable environment for banks
“Double-digit and broad-based growth in bank credit, gross and net non-performing assets at multi-year lows, and improvements in bank asset quality highlight the federal government’s commitment to a vibrant and sustainable banking sector,” the poll stated.
- Core inflation sharply declines
The Reserve Bank of India’s stabilizing price policies and the government’s prompt policy actions, according to the survey, have kept retail inflation at 5.4%, the lowest level since the epidemic began, driven by an overall decrease in overall inflation across both goods and services.
- Concerns over food inflation
According to the report, food inflation has become an important global problem in the last two years. The agriculture sector in India came across problems as a result of losing crops, destroying reservoirs, and harsh weather occasions.
- The short-term prognosis for inflation is favourable.
According to the study, short-term inflation is projected to decrease because of a typical monsoon and the lack of external policy disruptions. The RBI forecasts that, under regular monsoon circumstances to the absence of any outside factors or policy shocks, inflation will drop to 4.5% by FY25 and 4.1% in FY26.