- Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 in the parliament.
- According to the Economic Survey 2023-24, the Indian economy will continue to expand amid geopolitical challenges.
Key Highlights of the Economic Survey 2023-24 are
- It projected GDP growth of 6.5–7 percent for FY25. The survey’s predictions are lower than the Reserve Bank of India’s 7.2 per cent but align with the forecast of the IMF.
- Retail inflation decreased to 5.4 percent in FY24, down from 6.7 percent in FY23.
- FDI flow has declined from USD 47.6 billion in FY23 to USD 45.8 billion in FY24.
- The services sector grew by 7.6 percent in FY24, while the agriculture sector expanded by 4.18 percent over the past five years.
- The survey highlighted that global financial markets have scaled new heights in the past year, with investors betting on global economic expansion.
- Overall employment in unincorporated non-agricultural enterprises (excluding construction) fell to 10.96 crore from 11.1 crore in 2015-16.
- Public investment has been pivotal in sustaining capital formation, with the private sector also beginning to invest significantly since FY22.
- The trade deficit in FY24 was lower compared to FY23, with the current account deficit around 0.7% of GDP.
- The Government’s thrust on capex and sustained momentum in private investment has boosted capital formation growth.
- Bank credit growth was broad-based and double-digit. Gross and net non-performing assets (NPAs) reached multi-year lows.
- Primary capital markets facilitated capital formation of ₹10.9 lakh crore in FY24.
- The Economic Survey is an annual document presented by the government ahead of the Union Budget.
- It is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the chief economic adviser.