%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(55).png "Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 in the parliament")
- Here are the details:
- GDP Growth: The survey estimates a real GDP growth of 6.5%-7% in 2024-25. In the previous year (2023-24), India’s real GDP grew by 8.2%. The expected growth will be supported by strong domestic investment demand, improved agricultural performance, and increased exports.
- Inflation: Retail inflation in 2023-24 was 5.4%, the lowest level since the Covid-19 pandemic. Food inflation increased due to geopolitical risks and domestic weather conditions. Core inflation moderated. The Reserve Bank of India estimates retail inflation at 4.5% in 2024-25.
- Current Account Balance: India’s current account deficit reduced to USD 23.2 billion (0.7% of GDP) in 2023-24 from USD 67 billion (2% of GDP) in 2022-23. The improvement was due to decreased merchandise trade deficit, increased net services exports, and higher remittances.
- Fiscal Deficit: The central government’s fiscal deficit reduced from 6.4% of GDP in 2022-23 to 5.6% of GDP in 2023-24. This reduction resulted from strong tax collections and restrained revenue expenditure.
Question:
1 What is the estimated real GDP growth for India in 2024-25 according to the Economic Survey 2023-24?
- A) 5.5%-6%
- B) 6.5%-7%
- C) 7.5%-8%
- D) 8%-8.5%
