Jul 23, 2024 07:57 AM IST
The Economic Survey 2024 showed India’s GDP may grow between 6.5-7% this year and retail inflation declined to 5.4% during 2023-24, compared to 6.7% previously.
Finance Minister Nirmala Sitharaman used the words, ‘Service’ and ‘growth’ the most in her speech while presenting the Economic Survey in the parliament on July 22, 2024.
Nirmala Sitharaman used the word ‘service’ a grand total of 433 times and the word ‘growth,’ 402 times. This was followed by ‘State’ (366 times), ‘global’ (343 times), and ‘development’ (301 times).
What is the Economic Survey?
The Economic Survey is a report on the state of the economy during the year. It is prepared by the Department of Economic Affairs (DEA) of the Finance Ministry, under the guidance of the Chief Economic Adviser and approved by the Finance Minister.
Also Read: Budget 2024: Will Nirmala Sitharaman bring relief to taxpayers?
It is always presented on the previous day of the Union Budget’s presentation.
What did the Economic Survey 2024 show?
The Economic Survey 2024 showed that India’s GDP is expected to grow between 6.5 to 7% during the financial year 2024-25. The International Monetary Fund’s (IMF) estimate was 7%.
It also showed that retail inflation declined to 5.4% during 2023-24, compared to 6.7% during the previous year.
Also Read: ‘AI could slow BPO sector growth’: Chief Economic Advisor V Anantha Nageswaran
Inflationary pressures were “stoked by global troubles, supply chain disruptions, and vagaries of monsoons,” according to the survey.
Gross Fixed Capital Formation, which reflects capital expenditure, increased by 9% in 2023-24.
Also Read: Economic Survey warns stock market investors against derivatives trading