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Economic Survey 2023-24
Join this forum to discuss the latest Economic Survey of India, tabled by Finance Minister Nirmala Sitharaman. This annual report provides an in-depth analysis of India’s economic performance, highlighting macroeconomic trends, progress, and potential challenges. Our forum is the perfect platform to:
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Delve into the survey’s key findings and recommendations
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Explore the measures suggested to overcome economic hurdles
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Engage with experts and enthusiasts to share insights and perspectives
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Stay updated on the latest developments and their impact on the economy
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2 Replies
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Economic survey 2023-24 Highlights I
- India’s economy is projected to grow by 6.5–7%, with real GDP growth at 8.2% in FY24 and GVA growth at 7.2%.
- Retail inflation decreased from 6.7% in FY23 to 5.4% in FY24, while the CAD improved to 0.7% of GDP.
- Tax revenue consisted of 55% from direct taxes and 45% from indirect taxes, with free food grains provided to 81.4 Crore people.
- Bank credit grew by 20.2% by March 2024, with strong growth in agriculture and industrial credit.
- The primary capital market facilitated ₹10.9 lakh crore in capital formation, highlighting the importance of financial inclusion and digital financial inclusion.
- India’s insurance market and microfinance sector are poised for significant growth.
- Inflation remained stable, with the central government reducing prices for LPG, petrol, and diesel; core services and goods inflation also decreased.
- Food inflation rose to 7.5% in FY24 due to agricultural challenges, prompting government interventions to manage prices.
- India’s external sector remained strong, with improved rankings in the World Bank’s Logistics Performance Index and an increase in market share for global exports.
- Services exports grew by 4.9% to USD 341.1 billion, and India remained the top remittance recipient, reaching USD 120 billion in 2023.
- External debt remained sustainable, with the debt-to-GDP ratio at 18.7% at the end of March 2024.
- The medium-term policy focus includes job and skill creation, enhancing the agriculture sector, addressing MSME challenges, and managing India’s green transition.
- The growth strategy for “Amrit Kaal” includes boosting private investment, expanding MSMEs, promoting agriculture as a growth engine, and bridging the education-employment gap.
- A coordinated effort between the Union Government, State Governments, and the private sector is needed for India to achieve over 7% economic growth.
- Addressing the Chinese conundrum, deepening the corporate bond market, tackling inequality, and improving youth health are also critical components of India’s growth strategy.
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Economic survey 2023-24 Highlights II
- India’s climate efforts are recognized globally, with significant progress in renewable energy and energy efficiency.
- Non-fossil sources now account for 45.4% of India’s electricity generation capacity, and the country has reduced its GDP emission intensity by 33% from 2005 levels.
- Between 2005 and 2019, India’s GDP grew at a CAGR of 7%, while emissions grew at a CAGR of 4%.
- Initiatives like the Coal Gasification Mission have contributed to annual energy savings and emission reductions.
- Renewable energy expansion will increase demand for land and water.
- Sovereign green bonds worth ₹36,000 crore were issued in 2023 to support green initiatives.
- Digitization in healthcare, education, and governance has enhanced the effectiveness of welfare programs.
- The Gini coefficient has declined, indicating reduced inequality in both rural and urban sectors.
- Over 34.7 crore Ayushman Bharat cards have been issued, covering 7.37 crore hospital admissions.
- The “Poshan Bhi Padhai Bhi” program aims to establish a high-quality preschool network at Anganwadi centers.
- India granted nearly 100,000 patents in FY24, showing significant progress in R&D.
- Under PM-AWAS-Gramin, 2.63 crore houses were constructed, and 15.14 lakh km of roads were built under the Gram Sadak Yojana.
- The unemployment rate declined to 3.2% in 2022-23, with improved labor market indicators and rising female labor force participation.
- The gig workforce is expected to expand significantly, and India needs to create 78.5 lakh non-farm jobs annually until 2030.
- Agriculture grew at an average annual rate of 4.18%, with substantial credit disbursed and Kisan Credit Cards issued to farmers.
- The industrial sector grew by 9.5% in FY24, with significant contributions from coal, pharmaceuticals, clothing, and electronics manufacturing.
- The services sector’s GVA contribution reached pre-pandemic levels, with substantial growth in services exports and e-commerce.
- Infrastructure development saw increased highway construction, new terminal buildings at airports, and improvements in logistics performance.
- India invested heavily in the clean energy sector, with new investments of ₹8.5 lakh crore between 2014 and 2023.
- The survey criticizes current global climate strategies and emphasizes the need for developing countries to choose their own pathways.
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