New Delhi: The Economic Survey 2023-24, released by the Ministry of Finance on Monday, forecasts a real GDP growth of 6.5-7% for the fiscal year 2024-25 (FY25).
“The Survey cautiously estimates a real GDP growth of 6.5–7 per cent, with risks being evenly balanced and acknowledging that market expectations are leaning towards the higher end,” stated the Economic Survey 2023-24.
It highlighted that the economic outlook remains positive, continuing the growth trajectory from FY23 into FY24.
“Despite various global and external challenges, India’s economy has sustained the growth momentum from FY23 into FY24. The emphasis on macroeconomic stability has minimized the impact of these challenges on the Indian economy,” the survey noted.
Consequently, India’s real GDP expanded by 8.2 per cent in FY24, marking the third consecutive year of growth exceeding 7 per cent, fueled by consistent consumer demand and a gradual increase in investment demand. From the supply perspective, gross value added (GVA) at constant 2011-12 prices rose by 7.2 per cent in FY24, with broad-based growth. Net taxes on products at constant (2011-12) prices surged by 19.1 per cent in FY24, supported by robust tax revenue growth at both central and state levels and rationalization of subsidy expenditures, contributing to the disparity between GDP and GVA growth in FY24,” the Economic Survey 2023-24 elaborated.
Additionally, the survey noted a decline in India’s annual unemployment rate.
Per the annual Periodic Labour Force Survey (PLFS), the unemployment rate for individuals aged 15 and above has been on a downward trend post-pandemic.
This pattern is paired with a rise in the labour force participation rate and the worker-to-population ratio. Employment levels have recovered in both urban and rural settings post-pandemic, even when considering the stricter current weekly status.
The survey also observed a continuous increase in the female labour force participation rate over the past six years.
