The Indian economy grew over 7% for the third consecutive year, driven by stable consumption and investment demand.
GVA and GDP
Gross Value Added (GVA) at 2011-12 prices grew by 7.2% in FY24, with strong tax growth aiding GDP.
Current Account Deficit
Improved to 0.7% of GDP in FY24 from 2.0% in FY23.
Forex Reserves
Sufficient to cover more than 10 months of projected imports for FY25.
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Bank Performance
Double-digit growth in bank credit, low non-performing assets, and improved bank asset quality.
Capital Formation
Primary capital markets facilitated capital formation of ₹10.9 lakh crore during FY24.
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Inflation Control
Retail inflation maintained at 5.4%, the lowest since the pandemic, with core services inflation at a nine-year low.
Rising Food Costs
Food inflation increased from 6.6% in FY23 to 7.5% in FY24 due to weather events and crop damage.
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Future Projections
Inflation expected to fall to 4.5% in FY25 and 4.1% in FY26, assuming normal monsoon and no external shocks.
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Focus Areas
Emphasis on private investment, MSME growth, agricultural potential, green financing, bridging the education-employment gap, and building state capacity.
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Decline in FDI
Net FDI inflows decreased from $42 billion in FY23 to $26.5 billion in FY24, with gross FDI inflows moderating slightly.
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Future Energy Demand
India's energy needs expected to grow 2 to 2.5 times by 2047, with significant progress in renewable energy capacity and efficiency.
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Labour Market Improvements
Unemployment rate declined to 3.2% in 2022-23, with significant growth in formal employment and skill development initiatives.
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Agriculture and Industry
Agriculture sector grew at an average annual rate of 4.18% over the last five years, with industrial growth at 8.2% in FY24.
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Services Sector
Continued to contribute significantly, accounting for about 55% of the economy in FY24.