Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 on Monday in the parliament. The annual document is authored by Chief Economic Advisor (CEA) V Anantha Nageswaran and his team.
In reaction to the Economic Survey, Sanjiv Puri, President of the Confederation of Indian Industry (CII), expressed a positive outlook about the India growth story
Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 on Monday in the parliament. The annual document is authored by Chief Economic Advisor (CEA) V Anantha Nageswaran and his team.
The 476-page Economic Survey highlights that India’s economy has strengthened its post-Covid recovery. Policymakers have played an important part in ensuring financial stability, with the economy continuing to expand despite global volatility.
The government document outlines the necessity of substantial domestic efforts to sustain recovery, given the challenging global environment. "For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment, and climate," the Survey read.
In reaction to the Economic Survey, Sanjiv Puri, President of the Confederation of Indian Industry (CII), expressed a positive outlook about the India growth story.
Puri said, “I am confident that India’s GDP Growth for FY25 will surpass the forecast given in the Survey, and basis certain conditions, it has the potential to be at 8 per cent.”
The GDP growth for FY25, which is imminently achievable, is driven by excellent macro-financial management, and a facilitative policy environment which includes a thrust on capex and inflation control, according to Puri.
He added that the Indian economy has the potential to achieve 7 per cent plus growth backed by a consensus between the centre, states, and the private sector on the reform agenda.
Chief Economic Advisor (CEA) V Anantha Nageswaran highlighted that employment, labour intensive sectors such as tourism, care economy, and food processing sector have the potential to increase employment in the economy, which is critical.
Puri stated, “The survey is spot-on in terms of the six key areas unveiled for Amrit Kaal namely boosting private investment, growth and expansion of MSMEs which is referred to as India’s Mittelstand; agriculture as a growth engine, financing green transition, bridging the Education-Employment Gap and building state capacity and capability. This would fast-track India’s dream of realising the long-term vision for Viksit Bharat.”
According to the CII President, the fact that greater attention should be paid to invigorating the agriculture sector to provide a boost to rural demand has been rightly recognised by the Survey. Similarly, the focus on improving the quality of life in the hinterland and emphasis on the social sector such as healthcare would go a long way to empower the marginalised and ensure that every Indian becomes a stakeholder in New India.
CII wholeheartedly supports the reforms agenda proposed in the Survey for the medium term and hopes that the forthcoming Budget would implement some of the measures which would help to unlock the growth potential of the Indian economy, he added.