New Delhi: Union Finance Minister Nirmala Sitharaman presented the Economic Survey for the financial year 2023-24 in the Lok Sabha. In this economic survey, the government has estimated the real gross domestic product (GDP) growth rate to be 6.5 to 7 percent during the current financial year 2024-25. The risk has been kept balanced in the economic survey. The Finance Minister will present the Union Budget 2024-25 in Parliament on Tuesday 23 July. Sitharaman presented the Economic Survey in the Lok Sabha before presenting the much-awaited Union Budget 2024-25.
Capital formation growth boosted
She said that despite uncertain global economic performance, domestic growth drivers have supported economic growth in the financial year 2023-24. The survey said that the outlook for the Indian financial sector will remain bright. According to the survey, the government’s emphasis on capital expenditure and the continued momentum in private investment have boosted capital formation growth.
According to the survey, a real increase of 9 per cent has been recorded in gross fixed capital formation in FY 2023-24. The Economic Survey 2023-24 states that the country’s fiscal deficit (as a percentage of GDP) has increased by 1.6 per cent in FY 2023-24 as compared to the previous financial year. At the same time, the construction sector is also growing prominently recently, which is a result of the initiatives taken by the government for infrastructure.
What is the Economic Survey?
The Economic Survey is an annual document presented by the government before the Union Budget, which impartially reviews the state of the economy. The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance. It is prepared under the supervision of the Chief Economic Advisor of the country.
