The Economic Survey tabled by Finance Minister Nirmala Sitharaman in Parliament on Monday sheds important light on the different aspects of the Indian economy. With a GDP growth projection of 6.5 to 7 percent for 2024-25, the survey sees the Indian economy on a strong wicket, but its flags some concerns as well, including high food price inflation, sluggish FDI and skill gap crisis which, according to experts, need to be addressed.

On exports, the Survey points out that "India's external sector is safely navigating through uncertainties" despite continuation of moderation in merchandise exports during FY24, which however, comes with a sharper decline in merchandise import growth. On the other hand, service exports have remained robust, reaching a new high of $341.1 billion in FY24. The Survey also reports significant product specific exports growth witnessed in sectors like toys, defence, footwear, and smartphones.

On industrial growth, the Survey states that growth accelerated in FY24, with manufacturing and construction playing the key role. While 25 percent higher industrial GVA at constant prices compared to pre-Covid FY20 levels affirms broad-based recovery and consolidation, this was aided by "greater credit offtake, a thrust on capital formation to shore up infrastructure-oriented sectors, and a supportive policy framework", the Survey views.

On private investment, the Survey states that it will be further strengthened by healthier corporate and bank balance sheets while on private consumption, it is points out that urban demand condition has remained strong and rural consumption has also been gradually picking up pace during the quarter ending March. On public expenditure, it highlights that infrastructure thrust of the Government has led to an unprecedented increase in capital expenditure by the Centre and the states.