INDIAN ECONOMY REVIEW 2024
Why in the News?
The Finance Ministry recently published a report titled “Indian Economy Review 2024,” compiled by the Chief Economic Adviser’s office.
Source: NewsonAir
Economic Growth Projections:
- Projected Growth Rate: Indian economy set to grow at 7% in FY24, with potential continuation into FY25.
- Historical Performance: FY23 witnessed 7.2% growth, while FY22 saw 8.7%.
- Global Recognition: Agencies like S&P Global Ratings view India as the fastest-growing major economy for three consecutive years.
- Domestic Factors: Strong private consumption and investment drive domestic demand.
- Reforms Impact: Government reforms over the past decade credited for economic resilience.
- Stock Market Milestone: India now ranks fourth globally in stock market capitalization, surpassing Hong Kong.
About
Economic Review: · Typically conducted by government departments or ministries. · Provides an analysis of economic performance over a specific period. · Focuses on current economic conditions, trends, and policy implications. · Often serves as a basis for policy decisions and budget planning. Economic Survey: · Conducted by the Ministry of Finance. · Prepared bu Chief Economic Adivisor (CEA) , Present by Ministry of Finance in the Lok Sabha. · Offers an in-depth analysis of the economy before the annual budget. · Aims to guide economic policy-making and reforms. |