Union Budget 2024: From GDP growth projections to inflation outlook, key highlights of Economic Survey

Following are the highlights of the Economic Survey 2023-24 tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday. The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.

* Projects economic growth at 6.5-7 per cent in FY25 versus 8.2  per cent in 2023-24

* Unprecedented third popular mandate of Modi government signals political, policy continuity

* Domestic growth drivers supported economic growth in FY24 despite uncertain global economic performance

* Indian economy on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges

* To sustain post-pandemic recovery, there has to be heavy lifting on the domestic front

* Reaching agreements on key global issues like trade, investment and climate, has become extraordinarily difficult

* Short-term inflation outlook benign, but India faces persistent deficit in pulses and consequent price pressures

* Expectations of normal monsoon, and moderating global prices of imports give credence to benign inflation projections by RBI

* Hardships caused by higher food prices for poor and low-income consumers can be handled through direct benefit transfers or coupons for specified purchases valid for appropriate durations * Suggests ways to explore whether India's inflation targeting framework should target the inflation rate excluding food items * Escalation in geopolitical conflicts and its impact may influence RBI's monetary policy stance: Eco Survey.

* Outlook for India's financial sector appears bright, says Economic Survey * As financial sector undergoes critical transformation, it must brace for likely vulnerabilities originating globally or locally

* Economic Survey 2023-24 says healthier corporate and bank balance sheets will further strengthen private investment * India's policy adeptly steered through challenges, ensuring price stability despite global uncertainties * Tax compliance gains, expenditure restraint, and digitisation help India achieve fine balance in govt's fiscal management: Survey * Capital markets becoming prominent in India's growth story; market resilient to global geopolitical, economic shocks

* AI casts a huge pall of uncertainty over the impact on workers across all skill levels

* Increased FDI inflows from China can help India enhance participation in global supply chain, boost exports

* As much as 54 pc of disease burden due to unhealthy diets; need transition towards balanced, diverse diet * Remittances to India to grow at 3.7 pc to USD 124 billion in 2024, 4 pc in 2025 to reach USD 129 billion.