Measures Modi govt needs to take in Budget 2024 to keep Indian economy on track

economictimes.indiatimes.com:

Indian economy is warming up to booming economic activity all around. One could hardly miss the crowded stations and airports, hotels going full, and streets bustling with people. Economic activity has been gaining momentum for over a few quarters, with questions on whether this year’s global economic headwinds are strong enough to impact the domestic buoyancy or whether they too will have bottomed out by the end of 2024.

For the first time since Q4 FY 2017-18, India's GDP has experienced consecutive year-over-year growth above 7.4%, excluding the post-COVID quarters. Leading high-frequency indicators also indicate the likelihood of sustained growth in the Oct-Dec quarter. Private investment has done the heavy lifting on the demand side while industry and services sectors have seen a strong rebound from their lows on the supply side.

Corporate profits remain strong while business and consumer sentiments are improving.
Consistent government efforts have been instrumental in guiding India through a series of crises. The last five years, marked by a once-in-a-lifetime pandemic, the highest inflation in 40 years in the West (still ongoing), and two wars since early 2022, have been particularly challenging.

Despite these uncertainties, India has steered ahead, tackling challenges with a series of reforms implemented over the past few years. Notably, these reforms have been a continuous process, not confined to annual budgets. They function like doses of vaccines, enhancing India's immunity to uncertainties.