Join us as we dissect India’s economic health before the interim budget 2024! Here are the 6 economic indicators and their current state covered in the video:

1.Inflation
We start with inflation – the fluctuation in prices of goods and services. Moderate inflation is a positive sign for growing economies, but high inflation might indicate an unsustainable growth rate. Latest data reveals that India’s retail inflation is at a 4-month high.

2. IIP
Next up, the Index of Industrial Production (IIP) reveals the heartbeat of our industries. Good news! The IIP growth rate reached a 16-month high in October 2023, soaring at 11.7% but in November 2023, it saw a steep decline.

3: GDP growth
No economic discussion is complete without GDP! Government estimates suggest a robust GDP growth of 7.3% in FY24, outpacing the previous year’s 7.2%. A healthy GDP signifies a thriving economy.

4. Capital expenditure
Government-backed capital expenditure often opens doors to various growth avenues. In the December quarter alone, governments and companies initiated ₹6.1 trillion worth of new projects, marking a 44% increase compared to the previous year.

5. Tax collections
Where does the money come from? Tax collections! In FY24 till Jan 11, net direct tax collection reached over ₹14 lakh crore, covering 81% of the full-year target. Additionally, from April to December 2023, GST collections witnessed a 12% YoY rise, totaling ₹14.97 lakh crore.

6: Fiscal Deficit
The estimated fiscal deficit for FY23-24 is ₹17.86 lakh crore, constituting 5.9% of the GDP. As of November 2023, it stands at ₹9.06 lakh crore, reaching 50.7% of the estimate. Will the government achieve its fiscal deficit target? We’ll find out in the budget!

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The Indian economy has been a topic of much discussion and analysis recently, as it undergoes rapid growth and significant changes. As the world’s fifth-largest economy, India’s economic health is crucial not only for its own citizens but also for the global economy as a whole. In order to gauge the overall health of the Indian economy and understand its trajectory, it is worth examining a few key statistics that are indicative of its current state.

1. Gross Domestic Product (GDP) Growth Rate: The GDP growth rate is a key indicator of a country’s economic health. In the case of India, its GDP growth rate has been robust in recent years, averaging around 7% annually. However, in the wake of the COVID-19 pandemic, India’s GDP growth rate has slowed down significantly, and the government has been implementing measures to revive economic growth.

2. Unemployment Rate: The unemployment rate is another vital statistic that reflects the well-being of the economy. In India, the unemployment rate has been a concern, especially among the youth population. The pandemic has further exacerbated the unemployment situation, making it a significant challenge for policymakers.

3. Inflation Rate: Inflation, or the rate at which prices for goods and services rise, is another key statistic that reflects the health of the economy. India has seen moderate inflation rates in recent years, hovering around 4-5%. Controlling inflation is essential for the overall stability and well-being of the economy.

4. Fiscal Deficit: The fiscal deficit, which measures the gap between the government’s total spending and its total revenue, is a crucial stat in assessing the overall economic health. India has seen fluctuations in its fiscal deficit, with the government implementing measures to contain it and ensure fiscal discipline.

5. Foreign Exchange Reserves: India’s foreign exchange reserves are a key indicator of its economic stability and ability to withstand external shocks. With substantial foreign exchange reserves, India can weather any global economic downturns, making it an attractive destination for foreign investors.

6. Budget Deficit: The government’s budget deficit, which measures the shortfall between its expenditures and revenues, is a significant factor in assessing the overall health of the Indian economy. The Indian government has been working to bring down its budget deficit through various fiscal and monetary measures.

In conclusion, while the Indian economy has shown considerable resilience and growth in recent years, there are also areas that require attention and improvement. The COVID-19 pandemic has presented significant challenges, and the government is working to revive economic growth and address key issues such as unemployment and fiscal discipline. By examining these vital statistics, policymakers, economists, and citizens can gain valuable insights into the overall health of the Indian economy and work towards its sustained growth and prosperity.