Which of the following statements are correct about Economic Survey 2023-2024?
(A) Government spending has seen a declining trend since 2015-2016.
(B) India's target is to become a developed economy by the year 2047.
(C) Fiscal deficit was reduced in the year 2023.
(D) Inflation in the year was at the lowest level since the Covid-19 pandemic period.
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (B), (C) and (D) only
The Economic Survey 2023-24 was presented in Parliament in July 2024 and reviewed the economy in the financial year 2023-24 (FY24).
(A) Government spending has seen a declining trend since 2015-2016. Incorrect. The Survey reports the opposite: government spending, above all public capital expenditure, has risen, and the Centre’s capital spending rose to about Rs 9.5 lakh crore in FY24.
(B) India's target is to become a developed economy by the year 2047. Correct. The Survey is built around the goal of Viksit Bharat (a developed India) by 2047, the hundredth year of independence.
(C) Fiscal deficit was reduced in the year 2023. Correct. The Centre’s fiscal deficit fell to about 5.6% of GDP in FY24, from 6.4% in FY23.
(D) Inflation in the year was at the lowest level since the Covid-19 pandemic period. Correct. Retail inflation came down to 5.4% in FY24, the lowest since the pandemic.