India’s FY 2023-24 GDP Growth: 7.3%

Government's White Paper on Indian Economy

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman along with the Ministers of State for Finance, Shri Pankaj Chaudhary, the Union Minister of State for Finance, Dr Bhagwat Kishanrao Karad arrives at the Parliament House to present the Union Budget 2024, in New Delhi on February 01, 2024.

Nirmala Sitharaman, the Finance and Corporate Affairs Minister, announced an 11.1 per cent increase in the capital expenditure outlay for the next year to Rs 11,11,111 crore, constituting 3.4 per cent of the GDP.

She emphasized the significant growth in capital expenditure over the past four years and its impact on economic growth and employment.


GDP Growth and Economic Projections

Highlighting the economic projections, Sitharaman noted India’s Real GDP growth at 7.3 per cent for FY 2023-24, aligned with the RBI’s upward revision.

She also mentioned India’s resilience in the face of global economic challenges and its projected rise to the third-largest economy by 2027, according to the IMF.

Revenue Collections and Expenditure

Sitharaman underscored the buoyancy in revenue collections, with GST collection standing at ₹1.65 lakh crore in December 2023.

She outlined the estimated total receipts, tax receipts, and total expenditure for 2024-25, including provisions such as the continuation of the fifty-year interest-free loan scheme for capital expenditure to states.

 Fiscal Consolidation and Commitments

Reiterating the government’s commitment to fiscal consolidation, Sitharaman aimed to reduce the fiscal deficit below 4.5 per cent by 2025-26, with the fiscal deficit estimated to be 5.1 per cent of GDP in 2024-25.

She emphasized transformative initiatives focusing on poverty alleviation, women empowerment, youth development, and support for farmers.

 Vision for ‘Viksit Bharat’

The Finance Minister expressed optimism for India’s future and announced the presentation of a detailed roadmap for the pursuit of ‘Viksit Bharat’ in the full budget in July.

She highlighted the government’s inclusive approach to development and its commitment to empowering all sections of society.


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