- FM Sitharaman tabled the Economic Survey 2023-24 in the Parliament, estimating India’s real GDP to grow at 6.6-7% in FY25.
- Prime Minister Narendra Modi urged opposition parties to rise above party politics and serve the nation for the next 4.5 years.
Union Budget 2024 Expectations:
- The Union Budget 2024 is expected to strike a balance between reforms and populism.
- There are high expectations for income tax relief and changes in the new income tax regime to make it more attractive for individual taxpayers.
Private Sector Job Creation:
- Job creation primarily occurs in the private sector, as highlighted in the Economic Survey.
- Despite significant profit growth in the corporate sector, recruitment and salary increments have not matched this growth.
State Government Influence on Economy:
- The Economic Survey emphasizes that several factors impacting economic growth and productivity fall under state government jurisdiction.
- A tripartite compact is suggested among the Centre, states, and private sector to achieve higher aspirations by 2047.
Employment Shifts in Unincorporated Enterprises:
- Comparison between 2021-22 and 2022-23 shows a significant increase in manufacturing jobs, yet a decline in overall employment in unincorporated enterprises.
- Geopolitical changes and economic shocks have influenced the employment landscape in India.
Challenges to High Growth Rates:
- Geopolitical challenges, including the rise of Artificial Intelligence, pose hurdles for sustained high growth rates.
- The survey suggests a collaborative effort between union and state governments along with the private sector to overcome these barriers.
Indian Economy Resilience:
- Finance Minister Nirmala Sitharaman asserts the Indian economy’s stability and resilience in the face of geopolitical challenges.
- Policymakers have ensured economic and financial stability post-Covid recovery.
