• UGI USER
  • Jan 31, 2024
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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.