Economic Survey 2024 Key Highlights, GDP Growth, Employment & Skill Development

The Economic Survey 2023-24 was issued on July 22, 2024. The Economic Survey of India, published annually by the Ministry of Finance, is normally released one day before the Union Budget is presented in Parliament. This report, prepared by the Economics Division of the Department of Economic Affairs under the supervision of the Chief Economic Advisor, examines the previous year’s economic performance and forecasts the prognosis for the next year.

Economic Survey 2024

It gives a detailed overview of the present health of the Indian economy, including major measures such as GDP, inflation, employment, and trade. The first Economic Survey was issued in 1950-51, and it was first provided alongside the Union Budget. However, since 1964, it has been released independently to ensure that the full economic evaluation and its ramifications receive the attention they deserve.

Economic Survey For Financial

Union Finance Minister Nirmala Sitharaman gave the Economic Survey for Fiscal Year 2023-24 on July 22, 2024, immediately following the President’s Address. This thorough study described the Indian economy’s performance during the previous year, evaluated future possibilities, highlighted obstacles, and made policy suggestions.

Lowest Level & Inflationary Pressures

The Survey found that inflationary pressures caused by global causes, supply chain disruptions, and irregular monsoons were effectively addressed by planned administrative and monetary policy. As a consequence, retail inflation fell to 5.4% in FY24 from an average of 6.7% in FY23. The research underlined that prompt government initiatives, together with the Reserve Bank of India’s price stability policies, effectively kept retail inflation at 5.4% in FY24, the lowest level since the epidemic.

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Why Read the Economic Survey?

The Economic Survey is not only for policymakers and economists; it is a must-read for anybody interested in India’s economic destiny. It gives insights into numerous industries, identifies difficulties and possibilities, and prepares the groundwork for the Union Budget. Staying informed through the Economic Survey allows you to make better informed decisions as an investor, company owner, or student.

Key Highlights

• The Indian economy grew by more than 7% for the third year in a row, demonstrating resilience.
• This increase was fueled by consistent consumption trends and rising investment demand.
• India’s Current Account Deficit (CAD) decreased to 0.7% of GDP in FY24 from 2.0% in FY23, indicating a stronger balance of payments.
• In March 2024, India’s forex reserves were sufficient to cover almost 10 months of planned imports and 98% of its external debt, providing financial stability.
• The banking industry had great performance with double-digit credit growth, reduced Non-Performing Assets (NPAs), and improved asset quality, indicating a robust and resilient financial system.

India’s Current Macroeconomic Environment

Despite geopolitical problems, the Indian economy is robust and stable. The post-Covid recovery has been cemented, with officials preserving economic and financial stability. However, sustaining recovery would need major internal efforts owing to the tough global context on topics like as trade, investment, and climate.

India’s GDP Growth

The Economic Survey forecasts a real GDP growth rate of 6.5-7 percent in FY25. Despite global economic uncertainty, domestic development factors boosted economic growth in FY24. Improved private sector balance sheets and robust investment demand, together with a normal rainfall outlook, are expected to enhance agriculture and rural demand. Structural changes like the GST and IBC are producing the intended outcomes.

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India’s Inflation Trend

Inflationary pressures caused by global difficulties, supply chain disruptions, and monsoon changes have been addressed by administrative and monetary interventions. Retail inflation fell to 5.4% in FY24, from 6.7% in FY23. This decline was caused by a drop in core inflation for both goods and services. Despite issues in the agricultural sector, food inflation was 7.5% in FY24. The RBI expects inflation to decline to 4.5% in FY25 and 4.1% in FY26.

India’s Fiscal Position & External Outlook

The general government’s budgetary balance has improved despite increased public spending. Procedural changes, spending cuts, and more digitization have all helped to achieve this balance. In FY24, the current account deficit (CAD) was 0.7% of GDP, down from 2% in FY23. India’s budget deficit decreased from 6.4% of GDP in FY23 to 5.6% in FY24.

India’s Medium-Term Outlook

Global issues such as geoeconomic fragmentation, climate change, technology improvements, and restricted policy space will all have an impact on medium-term growth prospects. Key policy priorities include job and skill creation, maximizing the agricultural sector’s potential, addressing MSME issues, managing India’s green transition, and addressing inequality.

Amrit Kaal Growth Strategy

Amrit Kaal’s growth plan focuses on six major areas: increasing private investment, developing MSMEs, acknowledging agriculture’s development potential, obtaining funding for the green transition, closing the education-employment gap, and strengthening state capacity.

Healthcare and Education

India is moving forward with a revised approach to welfare, emphasizing empowerment, universal access to needs, and more private sector engagement. The NEP 2020 is revolutionizing education, while Ayushman Bharat is considerably lowering out-of-pocket healthcare costs for low-income households.

Employment and Skill Development

Indian labor market indicators have improved, with the jobless rate falling to 3.2% in 2022-23. Rising youth and female employment engagement creates potential for demographic and gender dividends. Government measures include promoting employment, self-employment, and worker well-being.

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Step to Get PDF of Economic Survey 2024 Online

• Visit the official website. To see the official Economic Survey page, navigate to https://www.indiabudget.gov.in/economicsurvey/.
• Go to the Economic Survey Section: Once the page loads, you’ll see a section dedicated to the Economic Survey.
• This section generally highlights the most recent issue prominently.
• Locate the Economic Survey 2024. Look for the Economic Survey 2024.
• The webpage is normally updated with the most recent survey as soon as it is published.
• There will be a link or button to access the document.
• To get the PDF, click on the link “Economic Survey 2024 PDF” or a similar phrase.
• This should open the PDF file in your browser.
• Once the PDF is opened, click the download icon in the top right corner of the PDF reader.
• You can also right-click on the document and select “Save As” to store it to the chosen location on your device.

Final Words

The Economic Survey 2023-24 focuses on India’s strong economic recovery and promising growth prospects. With continuous policy initiatives and structural changes, India is well positioned to meet its growth targets in the coming years. Check out nowonline.in for more useful articles on money, economics, and investments.