Just published the Reserve Bank of India Annual Report 2023-24 of 310 pages in the Assessment of the 2023-24 Experience said about our economy. The report said, against the backdrop of subdued global economic activity and multiple headwinds, the Indian economy expanded at a robust pace in 2023-24, with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year – the third successive year of 7 per cent or above growth.
With gross fixed capital formation (GFCF) accelerating to 10.2 per cent in 2023-24 from 6.6 per cent in 2022-23, investment was the major driver of domestic demand, buoyed by government spending on infrastructure. Growth in private consumption demand, on the other hand, stood at 3.0 per cent as against 6.8 per cent a year ago. Government consumption demand was also subdued tracking fiscal consolidation.
Net exports dragged down growth due to the moderation in exports as a result of contraction in global trade volumes. Import demand was relatively buoyant on robust domestic demand.
The Indian Rupee (INR) displayed stability on the back of improving external sector and macroeconomic fundamentals, including a significant moderation in the CAD and resurgent capital inflows that offset persistent headwinds from volatile global financial markets, the strong US dollar and persisting geopolitical tensions.
The INR depreciated by 1.4 per cent during 2023-24 (7.8 per cent in the previous year) and was amongst the best performing major EME currencies during the year. Equity prices recorded solid gains on robust corporate earnings and strong domestic GDP growth. There were, however, intermittent corrections due to geopolitical concerns and uncertain monetary policy trajectories in the systemic economies.
The domestic equity market capitalisation crossed the US$ 4 trillion mark in H2:2023-24, making the Indian stock market the fifth largest in the world.
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