The Economic Survey 2023-24 was released on July 22, 2024. Annually, the Ministry of Finance publishes this pivotal document, known as the Economic Survey of India, typically one day prior to the Union Budget presentation in Parliament. Compiled by the Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor, this report reviews the past year’s economic performance and projects the outlook for the upcoming year. It provides an in-depth analysis of the current state of the Indian economy, encompassing key metrics such as GDP, inflation, employment, and trade.
The inaugural Economic Survey was presented in 1950-51 and was initially released alongside the Union Budget. However, since 1964, it has been issued separately, ensuring focused attention on the comprehensive economic review and its implications.
Economic Survey 2024
Main Contents
The Economic Survey for the Financial Year 2023-24 was presented by Union Finance Minister Nirmala Sitharaman on July 22, 2024, immediately following the President’s Address. This comprehensive document detailed the Indian economy’s performance over the past year, assessed future prospects, identified challenges, and provided policy recommendations.
The Survey highlighted that inflationary pressures, influenced by global factors, supply chain disruptions, and erratic monsoons, were effectively managed through strategic administrative and monetary policies. As a result, retail inflation, which averaged 6.7% in FY23, decreased to 5.4% in FY24. The report emphasized that timely government interventions, coupled with the Reserve Bank of India’s measures to ensure price stability, successfully maintained retail inflation at 5.4% in FY24, the lowest level since the pandemic.
Economic Survey 2024 Overview
| Category | Details |
|---|---|
| Release Date | July 22, 2024 |
| Presented By | Union Finance Minister Nirmala Sitharaman |
| Compiled By | Economics Division of the Department of Economic Affairs, under the guidance of the Chief Economic Advisor |
| First Presented | 1950–51 |
| Separate Release Since | 1964 |
| GDP Growth Projection | 6.5-7% for FY25 |
| Inflation Trend | Declined to 5.4% in FY24 from 6.7% in FY23, expected to further decline |
| Fiscal Position | Fiscal deficit reduced to 5.6% of GDP in FY24 from 6.4% in FY23 |
| Category | Finance |
| Official Site | https://www.indiabudget.gov.in/economicsurvey/ |
Why Read the Economic Survey?
The Economic Survey is not just for policymakers and economists; it is an essential read for anyone interested in understanding the economic trajectory of India. It provides insights into various sectors, highlights challenges and opportunities, and sets the stage for the Union Budget. By staying informed through the Economic Survey, you can make more educated decisions whether you are an investor, a business owner, or a student.
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Economic Survey 2023-24 Key Highlights
Resilient Economy: The Indian economy maintained robust growth, exceeding 7% for the third consecutive year. This growth was driven by stable consumption patterns and increasing investment demand.
Improved Current Account Deficit: India’s Current Account Deficit (CAD) improved significantly, decreasing to 0.7% of GDP in FY24 from 2.0% in FY23, reflecting a healthier balance of payments.
Robust Forex Reserves: As of March 2024, India’s foreign exchange reserves were substantial, covering more than 10 months of projected imports and 98% of the country’s external debt, ensuring financial stability.
Stable Banking Sector: The banking sector exhibited strong performance, characterized by double-digit credit growth, low Non-Performing Assets (NPAs), and improved asset quality, which signifies a stable and resilient financial system.
Core Inflation Falls: Retail inflation was effectively managed, maintained at 5.4% in FY24, the lowest level since the pandemic. This was achieved through strategic policy interventions and measures by the Reserve Bank of India (RBI).
Positive Short-Term Inflation Outlook: The inflation rate is expected to further decline to 4.5% in FY25 and 4.1% in FY26, assuming normal monsoon conditions and no significant external economic shocks.
Growth Strategy for New India: The government’s growth strategy emphasizes bottom-up reforms, job and skill creation, development of Micro, Small, and Medium Enterprises (MSMEs), a green transition, and addressing economic inequality.
FDI Inflows Slow: Net Foreign Direct Investment (FDI) inflows declined from $42 billion in FY23 to $26.5 billion in FY24, with a slight moderation in gross FDI inflows.
Growing Energy Needs: India’s energy demands are projected to increase by 2 to 2.5 times by 2047. The country has made significant progress in renewable energy development and emissions reduction.
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Sectoral Performance:
- Agriculture: The agriculture sector grew at an annual rate of 4.18% over the past five years.
- Industry: The industrial sector expanded by 9.5% in FY24.
- Services: The services sector contributed 55% to the economy in FY24, highlighting its pivotal role in India’s economic landscape.
These highlights provide a comprehensive overview of the Indian economy’s current state, showcasing resilience and strategic policy effectiveness in various sectors.
India’s Current Macroeconomic Environment
The Indian economy is on a strong and stable footing, demonstrating resilience amid geopolitical challenges. Post-Covid recovery has been consolidated, with policymakers ensuring economic and financial stability. However, sustaining recovery requires significant efforts on the domestic front due to the challenging global environment on issues like trade, investment, and climate.
India’s GDP Growth
The Economic Survey projects a real GDP growth rate of 6.5-7 per cent for FY25. Despite global economic uncertainties, domestic growth drivers have supported economic growth in FY24. Improved private sector balance sheets and strong investment demand, along with a normal rainfall forecast, are likely to boost agriculture performance and rural demand. Structural reforms such as the GST and the IBC are delivering expected results.
India’s Inflation Trend
Inflationary pressures from global issues, supply chain disruptions, and monsoon variations have been managed through administrative and monetary policies. Retail inflation declined to 5.4 per cent in FY24 from 6.7 per cent in FY23. This decrease was driven by a fall in core inflation in both goods and services. Despite challenges in the agriculture sector, food inflation stood at 7.5 per cent in FY24. The RBI projects inflation to fall to 4.5 per cent in FY25 and 4.1 per cent in FY26.
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India’s Fiscal Position & External Outlook
The fiscal balance of the general government has improved despite expansionary public investment. Procedural reforms, expenditure restraint, and increasing digitisation have contributed to this balance. The current account deficit (CAD) stood at 0.7 per cent of GDP in FY24, an improvement from 2.0 per cent in FY23. India’s fiscal deficit was reduced from 6.4 per cent of GDP in FY23 to 5.6 per cent in FY24.
India’s Medium-Term Outlook
The medium-term growth outlook will be influenced by global trends such as geo-economic fragmentation, climate change, technological advancements, and limited policy space. Key policy focuses include job and skill creation, maximising the agriculture sector’s potential, addressing MSME challenges, managing India’s green transition, and tackling inequality.
Amrit Kaal Growth Strategy
The Amrit Kaal growth strategy focuses on six key areas: boosting private investment, expanding MSMEs, recognising agriculture’s growth potential, securing financing for the green transition, bridging the education-employment gap, and building state capacity.
Healthcare and Education
India is progressing with a reformed approach to welfare, focusing on empowerment, universal access to necessities, and enhanced private sector participation. The NEP 2020 is transforming the education sector, while Ayushman Bharat is significantly reducing out-of-pocket healthcare expenses for poor families.
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Employment and Skill Development
Indian labour market indicators have improved, with the unemployment rate declining to 3.2 per cent in 2022-23. Rising youth and female workforce participation presents opportunities for demographic and gender dividends. Government initiatives are boosting employment, self-employment, and worker welfare.
How to Get PDF of Economic Survey 2024 Online?
Step-by-Step Guide to Download Economic Survey 2024 PDF
- Visit the Official Website:
- Open your web browser and go to the official Economic Survey page by typing https://www.indiabudget.gov.in/economicsurvey/ into the address bar.
- Navigate to the Economic Survey Section:
- Once the page loads, you will find the section dedicated to the Economic Survey. This section usually features the latest edition prominently.
- Locate the Economic Survey 2024:
- Look for the Economic Survey 2024. The webpage is typically updated with the latest survey as soon as it is released. There will be a link or a button to access the document.
- Download the PDF:
- Click on the link that says “Economic Survey 2024 PDF” or a similar phrase. This should open the PDF document in your browser.
- Once the PDF opens, you can download it by clicking on the download icon, which is usually found in the top right corner of the PDF viewer. Alternatively, you can right-click on the document and select “Save As” to save it to your desired location on your device.
Economic Survey 2024 PDF in English : Click here
आर्थिक समीक्षा 2024 PDF : Click here
Conclusion
The Economic Survey 2023-24 highlights India’s robust economic recovery and optimistic growth prospects. With sustained policy efforts and structural reforms, India is well-positioned to achieve its growth aspirations in the coming years. For more such informative articles on finance, economics, and investment, stay tuned to nowonline.in.
FAQs
What is the projected GDP growth for India in FY25?
The Economic Survey 2023-24 projects India's GDP growth for FY25 at 6.5-7 per cent.
What is the current inflation rate in India?
The retail inflation rate in India declined to 5.4 per cent in FY24 from 6.7 per cent in FY23.
How has India's fiscal deficit changed?
India's fiscal deficit was reduced from 6.4 per cent of GDP in FY23 to 5.6 per cent of GDP in FY24.
What are the key focus areas of the Amrit Kaal growth strategy?
The key focus areas include boosting private investment, expanding MSMEs, recognising agriculture's potential, securing financing for the green transition, bridging the education-employment gap, and building state capacity.
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