What is an economic survey? And when it will be published? Who published it?
The Economic survey of India is published every financial year and a just day before a union budget. It is published in volume I & II. The department of Economics Affairs , ministry of finance presented it in the parliament. It is preparing under the guidelines of the chief economic advisor.
Highlights of economic survey FY 2023-24 |
Chapter 1: State of the Economy – Steady as She Goes
Economic Growth: Real Gross domestic product (GDP) grows by 8.2% in finance years 2023-24. In this year three quarters out of your growth rate is more than 8%.
| -gross values added (GVA) grew by 7.2 per cent in FY 2023-24 (at 2011-12 prices). |
| India's Current Account Deficit (CAD) stood at 0.7 per cent of the GDP during FY 2023-24, whereas the deficit 2.0 % in FY 2022-23 of Gross domestic product (GDP). |
Tax collection: Tax collection from direct tax is 55% and 45% remaining tax collection from Indirect taxes.
Chapter 2:
Monetary Management and Financial Intermediation- Stability is the Watchword
Banking and financial sectors of India have shown a stellar performance in FY 2023-24.
The Reserve Bank of India (RBI) maintained a steady policy rate of 6.5 throughout the year.
Chapter 3:
Prices and Inflation- Under Control
Inflation: Retail inflation reduced from 6.7 per cent in FY 2022-23 to 5.4 per cent in FY 2023-24. It is lowest level since the COVID time. 29 State and union Territories (UT) inflation rate below 6 % .
The Reserve Bank of India ( RBI) projects inflation to fall to 4.5 per cent in FY 2024-25 & furthermore down 4.1 % in FY 2025-26. assuming normal monsoon and no external or policy shocks.
The International Monetary Fund (IMF) forecasts inflation of 4.6 % in 2024-25 & 4.2 % in 2025-26 for India. In normal India monsoon and no external shocking impact.
Chapter 4 :
External Sector - Stability Amid Plenty
Amidst ongoing external sector India's geopolitical strength remained strong.
India's share of the goods and services sector in global exports increased from 1.7 % average during FY16-FY20 to 1.8 % in FY 2023-24.
In 2023 India got $120 billion remittance. It is the highest globally.
Chapter 5:
Medium-Term Outlook – A Growth Strategy for New India
The top focus areas of the short to medium term are job and skill , agriculture sector, MSME , Corporate bond, track and improvement of young population and top quality of health.
India's Amrit kaal growth (it from 15 August 2022 to 15 August 2047) strategy is based on 6 top priority area.
- Boost private investment
- Expansion of Ministry of Micro, Small & Medium Enterprises(MSMEs)
- Growth of Agriculture
- Financing Green transition
- Bridge education and employment gap
- Building capacity of States
Chapter 6: |
Climate Change and Energy Transition: Dealing with Trade-Offs
As of 31 may, 2024 the share of green energy in the installed electricity generation had touched 45.4 %. India has reduced intensity 33% from 2005 to 2019 of its GDP.
| The emissions grew at Compound Annual Growth Rate (CAGR) 4 % while Indian GDP grew about 7% in india between 2005 to 2019 |
Chapter 7:
Social Sector - Benefits that Empower
India's welfare expenditure has grew at a CAGR of 12.8 % whereas India's nominal GDP has grown 9.5% CAGR from FY 2017-18 to FY 2023-24.
Aayushman Bharat cards have generated nearly 35 crore and the scheme has covered nearly 7.4 crore hospital admission.
India's growth progresses in R&D also. nearly 1 lakh patents granted in 2023-24 as compared to 25000 patents in 2019-2020.
2.6 crore houses were built for poor people under the PM-AWAS-GRAMIN in the previous 9 years.
15 lakh km of road construction was completed under Gram Sadak Yojana in the last 9 years.
Chapter 8:
Employment and Skill Development: Towards Quality
According to the Periodic Labour Force Survey (PLFS) Annual Report 2022-2023 ,more than 45% of the workforce is employed in the Agriculture sector, 11.4 % in manufacturing,28.9 % in the service sector and 13.0 % in construction. Unemployment rate also declined from 17.8 % to 10 % between 2017-18 to 2022-23.
| The Indian economy needs to generate nearly 78 lakh jobs annually until 2030 in other sectors to cater to the increasing workforce. |
Chapter 9:
Agriculture and Food Management
In the last 5 years the agriculture sector growth rate is 4.18 % at constant price. From 2015-16 to 2023-24 under the micro irrigation in India 90 lakh hectares area covered.
Chapter 10: |
Industry - Small and Medium Matters
An industrial growth rate of 9.5 % in FY 2023-24 whereas Economic growth rate 8.2 . Manufacturing sector annual growth rate 5.2 % in last decade. chemical , wood products and furniture, pharmaceutical, machinery and equipment the major growth element.
India's clothing manufacturers are the world's second largest and top 5 in exporting nations. |
India's electronics manufacturing sector estimated 3.7 % of the global market share in FY 2021-22
Chapter 11:
Services - Fuelling Growth Opportunities
Indian service sector contribute in Gross Value Added ( GVA) has reached pre COVID i.e. 55%
A total number of active companies exist in India around 16.91 lakh as on March 31, 2024 of them 65% companies of service sector. India contribute 4.4 % of global commercial services exports 2022. Computer and business services experts accounted for 73 % of India's service sector exports.
Optical Fiber Cable has been laid 6.8 lakh km as of March 31, 2024 in the Bharat Net phase I & II.
The rapid technology and the diversified services exports of India are two main elements of India's service sector to reshaping.
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| Source:PIB |
Chapter 12 :Infrastructure – Lifting Potential Growth |
The average pace of National Highway construction increased from 11.7 km per day in FY 2013-14 to 34 km per day by FY2023-24.
The World Bank Logistics Performance Index of India has improved from 44th in 2014 to 22nd in 2023.
Chapter 13:
Climate Change and India:
The Western approach does not seek to address the root of the problem, i.e. overconsumption, but rather chooses to substitute the means to achieve overconsumption.
India’s ethos emphasizes a harmonious relationship with nature, in contrast to the culture of over consumption in other parts of the developed world. Shift towards the ‘traditional multi-generational households’ would create the pathway towards sustainable housing.
Source: Press Information Bureau (PIB)
