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
Statement (A): Government spending has seen a declining trend since 2015–2016. Incorrect. The Economic Survey 2023–24 highlights that government expenditure has generally increased over the years, especially with higher capital expenditure to support growth, rather than showing a continuous declining trend.
Statement (B): India's target is to become a developed economy by the year 2047. Correct. The Survey reiterates the national vision of making India a developed country by 2047, marking 100 years of Independence.
Statement (C): Fiscal deficit was reduced in the year 2023. Correct. The Economic Survey notes fiscal consolidation, with a reduction in the fiscal deficit due to better revenue performance and controlled expenditure.
Statement (D): Inflation in the year was at the lowest level since the Covid-19 pandemic period. Correct. The Survey indicates that inflation moderated in 2023–24 and reached its lowest level since the pandemic years.