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Last updated: 03 Jun, 2024  

Election.9.Thmb.jpg New government, new hopes

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Bikky Khosla | 03 Jun, 2024

With most of the exit polls, even if just indicative, predicting return of BJP-led NDA to power for the third time in succession, economy watchers are eagerly waiting for the final outcome of the Lok Sabha Elections, 2024 scheduled on June 4, with most of them stressing the need of a stable government capable of taking forward the direction of growth for the Indian economy which has been notably outperforming in the last few years.

While some sceptics view that that the ruling party may find it difficult to replicate its 2019 performance, from an economic point of view, most experts view that a stable government is a must for micro stability and policy continuity. The last government has already done a lot of stuff and now a stable one needs to keep building on that. While reforms and growth must continue, the new government must equally focus on solving people's problems.

Meanwhile, the Ministry of Statistics last week released latest GDP data, showing a robust 7.8 percent growth clocked by the Indian economy in the January-March quarter, pushing growth rate for the full financial year 2023-24 to a stellar 8.2 percent against 7 percent in FY 2022-23. These figures, along with 9.9 percent growth witnessed in the manufacturing sector, are really encouraging and augur well India, already the fastest-growing major economy in the world.

In addition to this better-than-expected GDP data, in another positive development for the economy, fiscal deficit for the full financial year fell to 5.6 percent against revised budgeted figure of 5.8 percent. Experts point out that the RBI's highest-ever dividend transfer of Rs 2.11 lakh crore to the Central government will definitely have further positive impact on government’s fiscal position and liquidity.

I invite your opinions.

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