Lok Sabha Question No. 2168 (UNSTARRED), answered on 2024-08-05
Subject: Economic Performance and Measures for Stability
Ministry: FINANCE
Asked by: Shri Anurag Singh Thakur

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA

## UNSTARRED QUESTION No. 2168 TO BE ANSWERED ON 5 AUGUST 2024

## ECONOMIC PERFORMANCE AND MEASURES FOR STABILITY

## 2168. Shri Anurag Singh Thakur

Will the Minister of FINANCE be pleased to state:

- a)   the current GDP growth rate and the manner it compares to the average GDP growth rate over the last decade;
- b)  the latest Compound Annual Growth Rate (CAGR) of inflation and the measures taken by the Government to manage inflation effectively;
- c) the current figures of Foreign Direct Investment (FDI) inflows and the manner they compare to the FDI inflows over the past decade;
- d) the details of the country's export performance in the latest fiscal year and the growth in exports compared to the previous decade;
- e) the current foreign reserves and the manner they have grown over the last ten years; and
- f) the steps taken by the Government to maintain economic stability and encourage sustainable growth in these areas?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

- (a) According to the provisional estimates released by the National Statistical Office, the growth rate in the Gross Domestic Product at constant prices in 2023-24 is 8.2 per cent. The average growth rate from 2013-14 to 2022-23 was 6.8 per cent (excluding 2020-21  and  2021-22,  the  years  that  were  most  severely  affected  by  the  Covid-19 pandemic).
- (b) Compound annual growth rate in Consumer Price Index - Combined (CPI-C) between 2019-20 and 2023-24 was 5.9  per cent.  The  measures  taken by  the Government  to control  inflation, inter  alia ,  include  strengthening  of  buffer  stock  of  essential  food items and making periodic open market releases, subsidised retail sale of items like rice,  atta  and  pulses  in  specified  outlets,  easing  imports  of  essential  food  items through rationalisation of duties, prevention of hoarding through imposition/revision and monitoring of stock limits and price reduction of petrol, diesel and LPG.
- (c) Gross  foreign  direct  investment  inflows  were  70.9  billion  US  dollars  in  2023-24, compared to the average 63.25 billion US dollars in 2013-14 to 2022-23.
- (d) India's overall exports (merchandise and services) stood at 778.2 billion US dollars in 2023-24, compared to the average of 530.5 billion US dollars from 2013-14 to 202223.
- (e) Foreign exchange reserves stood at 646.4 billion US dollars at the end of March 2024 compared to  304.2  US  dollars billion at  the  end  of  March  2014.  Foreign  exchange reserves stood at 670.9 billion US dollars as on 19 th July 2024.
- (f) The  focus  of  the  Government  on  capital  expenditure  and  infrastructure  build-up, coupled  with  gradual  fiscal  consolidation,  gives  a  thrust  to  economic  growth  and macro-economic stability.  The  stress  being  laid  on  employment, skill  development, innovation, resilience in agriculture, inclusive human resource development, appropriate  energy  transition  pathways,  and,  support  for  micro,  small,  and  medium enterprises is also likely to catalyse sustainable growth. Union Budget 2024-25 has proposed measures to improve export competitiveness in various sectors, apart from simplification of rules and regulations for foreign direct investment, and, reduction in corporate tax on foreign companies.

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