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Motilal Oswal Report
The Union Finance Minister, Nirmala Sitharaman, tabled the Economic Survey 2023-24 yesterday. The survey highlighted that “the Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges”. It further emphasized India's sustained post-Covid recovery, stable inflation, and a positive investment climate driven by both the public and private sectors.
The survey projected a real GDP growth of 6.5-7.0% for FY25. Any escalation of geopolitical conflicts in 2024 might lead to supply disruptions, higher commodity prices, a resurgence of inflationary pressures, and a halt in monetary policy easing.
The survey estimated that India would require significant job creation until 2036 (at an average of eight million non-farm jobs per annum) to accommodate its growing workforce, emphasizing the need for strategic planning in employment generation.
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