Economic Survey: The Economic Survey 2023-24 was published on July 22, 2024 by the Ministry of Finance. This crucial document, named the Economic Survey of India, is usually released one day before the Union Budget presentation in Parliament. Prepared by the Economics Division of the Department of Economic Affairs under the supervision of the Chief Economic Advisor, the report assesses the previous year’s economic status and forecasts the upcoming year.
It offers a detailed examination of the Indian economy’s present condition, covering important indicators including GDP, inflation, employment, and trade. The first Economic Survey was introduced in 1950-51 and was originally published together with the Union Budget. From 1964 onwards, it has been released independently to ensure dedicated focus on the detailed economic evaluation and its consequences.
Economic Survey 2024
Union Finance Minister Nirmala Sitharaman presented the Economic Survey for the Financial Year 2023-24 on July 22, 2024, right after the President’s Address. This detailed document evaluated the performance of the Indian economy in the previous year, discussed future possibilities, recognized obstacles, and suggested policy measures. The Survey pointed out that inflationary pressures, impacted by global factors, disruptions in the supply chain, and unpredictable monsoons, were efficiently handled through strategic administrative and monetary policies.
Consequently, retail inflation, which averaged 6.7% in FY23, dropped to 5.4% in FY24. The report stressed the importance of timely government actions along with the Reserve Bank of India’s efforts to guarantee price stability, resulting in the successful maintenance of retail inflation at 5.4% in FY24, the lowest level since the pandemic.
Economic Survey Details
| 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 | Trending |
| Official Website | https://www.indiabudget.gov.in/economicsurvey/ |
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Why Read the Economic Survey?
The Economic Survey is a crucial document that extends beyond the realm of policymakers and economists, offering valuable insights into India’s economic landscape. It delves into diverse sectors, outlining challenges and opportunities while laying the groundwork for the Union Budget. Regardless of whether you are an investor, business owner, or student, staying abreast of the Economic Survey can empower you to make informed decisions.
For investors, it serves as a compass for understanding market trends and potential investment avenues. Business owners can leverage its insights to strategize growth plans and navigate economic fluctuations effectively. Even students can benefit from its analysis by gaining a practical understanding of economic principles in action within the Indian context. In essence, the Economic Survey serves as a beacon of knowledge for individuals seeking to comprehend and engage with India’s economic trajectory.
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Economic Survey 2023-24 Key Highlights
Resilient Economy: The Indian economy sustained strong growth, surpassing 7% for the third year in a row, fueled by steady consumption trends and rising investment needs.
Improved Current Account Deficit: India’s Current Account Deficit (CAD) showed a marked improvement, dropping to 0.7% of GDP in FY24 from 2.0% in FY23, indicating a more favorable balance of payments.
Robust Forex Reserves: India had significant foreign exchange reserves as of March 2024, which were adequate to cover over 10 months of anticipated imports and 98% of the nation’s external debt, thereby guaranteeing financial stability.
Stable Banking Sector: The banking industry demonstrated robust performance with double-digit credit growth, minimal Non-Performing Assets (NPAs), and enhanced asset quality, indicating a stable and strong financial system.
Core Inflation Falls: Retail inflation stood at 5.4% in FY24, the lowest level seen since the pandemic, thanks to strategic policy interventions and measures by the Reserve Bank of India (RBI).
Positive Short-Term Inflation Outlook: The projected inflation rate is anticipated to decrease to 4.5% in FY25 and 4.1% in FY26, based on normal monsoon conditions and the absence of major external economic shocks.
Growth Strategy for New India: The government’s growth strategy focuses on implementing bottom-up reforms, generating jobs and skills, supporting the development of Micro, Small, and Medium Enterprises (MSMEs), promoting a green transition, and tackling economic inequality.
FDI Inflows Slow: Net Foreign Direct Investment (FDI) inflows decreased from $42 billion in FY23 to $26.5 billion in FY24, with a minor easing in gross FDI inflows.
Growing Energy Needs: India is expected to see its energy needs grow by 2 to 2.5 times by 2047. The nation has shown notable advancements in renewable energy expansion and cutting emissions.
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.
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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.
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 global trends like geo-economic fragmentation, climate change, technological advancements, and limited policy space will impact the medium-term growth outlook. Key policy priorities involve creating jobs and skills, optimizing the agriculture sector, addressing MSME issues, overseeing India’s green transition, and addressing inequality.
Amrit Kaal Growth Strategy
The Amrit Kaal growth strategy emphasizes six main areas: enhancing private investment, enlarging MSMEs, acknowledging agriculture’s growth prospects, ensuring funding for the green transition, closing the education-employment divide, and enhancing state capacity.
Healthcare and Education
India is advancing with an update strategy for welfare, emphasizing empowerment, ensuring universal access to essentials, and increasing private sector involvement. The NEP 2020 is reshaping the education sector, and Ayushman Bharat is notably decreasing healthcare costs for underprivileged families.
Employment and Skill Development
In 2022-23, the Indian labor market has shown improvement as the unemployment rate dropped to 3.2%. The increasing participation of young people and women in the workforce offers potential benefits in terms of demographics and gender. Government programs are enhancing job opportunities, self-employment, and worker well-being.
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How to Get PDF of Economic Survey 2024 Online?
For those seeking the Economic Survey 2024 online. Accessing the PDF version provides a convenient and efficient way to delve into the latest economic insights. By obtaining the digital copy, readers can stay informed about key trends and analysis shaping the economic landscape. Embracing technology to access such valuable resources not only enhances knowledge but also fosters a deeper understanding of economic dynamics. So, don’t hesitate to download the PDF of Economic Survey 2024 online and stay ahead in your economic literacy journey.
- Visit the Official Website:
- Please open your web browser. Visit the official Economic Survey page by entering the following URL in the address bar: https://www.indiabudget.gov.in/economicsurvey/
- Navigate to the Economic Survey Section:
- Upon loading the page, you will discover the segment focus on the Economic Survey. Which typically highlights the most recent edition.
- Locate the Economic Survey 2024:
- Please search for the Economic Survey 2024. The website is usually refresh with the most recent survey upon its publication. You will find a link or a button to view the document.
- Download the PDF:
- Please click on the link labeled “Economic Survey 2024 PDF. A similar text to open the PDF file in your web browser.
- After opening the PDF. You have the option to download it by clicking on the download icon located in the usual top right corner of the PDF viewer. Another method is to right-click on the document. Choose “Save As” to store it in your preferred location on your device.
Conclusion
The Economic Survey 2023-24 paints a promising picture of India’s economic landscape, showcasing a strong recovery and optimistic growth outlook. Through continuous policy initiatives and structural transformations. India is poised to realize its growth ambitions in the foreseeable future.
The survey underscores the resilience of the Indian economy amidst challenges, indicating a positive trajectory for various sectors. It emphasizes the importance of sustainable growth strategies and innovative reforms to propel the country towards long-term prosperity.
In today’s dynamic global economy, staying inform about finance, economics, and investment trends is crucial. For further insightful articles on these subjects and to stay update with the latest developments. Explore more content that delves into these topics in depth.
Economic Survey FAQ’S
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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