Survey links growth to ongoing reforms

While services exports may continue to have a competitive advantage, future growth will hinge on domestic consumption and investment demand

The Economic Survey 2023-24 profiles past economic performance, linking it to policy reforms and global conditions. It outlines India’s potential to grow in the medium to long term. 

Growth prospects

While India’s economic performance was beset by Covid in 2020-21, it has shown the healthiest recovery among major global economies since then, witnessing an average growth of 8.3 per cent during 2021-22 to 2023-24. India may aim for a long-term growth of 7 per cent-plus. Achieving this would require sustaining a real investment rate of 35 per cent, assuming an incremental capital-to-output ratio (ICOR) of 5. With a net