sli magazine February 2024
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Volume VIII • Issue 7 • February 2024
(92 pages including 4 for cover)
Editor
Santosh Pathak
SecurityLinkIndia
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From the
Editor’s Desk
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Dear Readers,
Greetings from SecurityLinkIndia!
This year the Interim Budget 2024-25 was presented on February 1, 2024 by Finance Minister
Nirmala Sitharaman. Since it was an interim budget before the 2024 general elections, it mainly
focused on continuing existing schemes and avoided major policy changes. However, it did
include some key highlights.
The budget allocated `11,11,111 crore for capital expenditure, an 11.1% increase compared to
the previous year. This aims to boost infrastructure development. This is done in the wake of
building on the massive increase of the capital expenditure outlay in the past 4 years resulting
in huge multiplier impact on economic growth and employment creation. Infrastructure
development enables the expanse in security industry business as well, and that is a good
boost.
According to the First Advance Estimates of National Income of FY 2023-24, which was
presented along with the Finance Minister’s speech, India’s Real GDP is estimated to grow at
7.3%. This is also in line with the upward revision in growth projections for FY2023-24 by the
RBI in its December 2023 Monetary Policy Committee meeting from 6.5% to 7%, prompted by
strong growth in Q2 of FY2023-24.
Despite global economic challenges, the Indian economy has been found to be resilient and
maintaining healthy macroeconomic fundamentals. The International Monetary Fund (IMF), in
its World Economic Outlook (WEO) published in October 2023, raised India’s 2023-24 growth
forecast to 6.3% from its July 2023 forecast of 6.1%. This reflects global confidence with the
global growth forecast remaining unchanged at 3% for 2023. India’s strong economy is truly
visible.
As per the IMF, India is likely to become the third-largest economy in 2027 (in USD at market
exchange rate) and it also estimated that India’s contribution to global growth will rise by 200
basis points in 5 years. Moreover, various international agencies such as the World Bank, the
IMF, OECD and ADB project India to grow between 6.4%, 6.3%, 6.1% and 6.7%, respectively in
2024-25.
The International Monetary Fund estimates that India is likely to become the third largest
economy (in USD at market exchange rate) in 2027 and expects India’s contribution to the
global economic world to increase by 200 points in five years. Moreover, various international
organizations such as the World Bank, International Monetary Fund, OECD and Asian
Development Bank have estimated India’s economic growth in 2024-25 to average 6.4%, 6.3%,
6.1% and 6.7% respectively.
The budget emphasized programs like Nari Shakti to increase female labor force participation
and support women entrepreneurs. Besides, the budget included provisions to support the
development and adoption of artificial intelligence (AI) in India.
Till we meet next month, stay safe & happy reading!
With warm regards,
Santosh Pathak
Mob: +91 9968172237
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