EconomySurvey2023-24 06

September 2023 to
August 2024

fiscal deficit estimates

India's GDP
growth and ac ording k
Parliament on 22 EconomicSurvey
Economic Survey 2023-24
was presented in
before GOP Growth Fiscal deic
Survey is always presented 1 day Fingncial Year (of GOP)
July 2024. Economic Revised Estimates 2022-23
7.0% 6.4%
the Budget. prepared by the 8.2% 5.6%
Economic Survey 2023-24 has been Estimated in 2023-24
’ The
the Department of Economic Affairs Estimated
|Interim
in 2024-25 6.5 to 7.0% growth
Economic Division of
Nageswaran, Chiet
V. Anantha
under the guidance of
Gross value added at basic prices
2022-23 Growth in 2023-24
Economic Adviser, Ministry of Finance. economy Increase in
Survey was presented in 1950-51. Three sectors of
the
1.4%
Note - India's first Economic along with the sectors
4.7%
Economic Survey was presented Agriculture and allied 2.1% 9.5%
Until 1964, the
being presented a day before |Industrial Area
general budget. After 1964, it started 10% 7.6%
Services
the general budget.

SURVEY
ECONOMIC Indian Economy: ASnapshot Fiscal Deficit Foreign Exchange
GDP Growth %of GDP Reserves 646.4
9.7 6.5 In US $ billion, year end
7.0 8.2 7.0 9.2
6.] 6.4 5.6
2021 2022 2023- 2024
22 23* 24** 25#

-5.8 2020- 2021 2022 2023 2020 2021 2022 2023

*1st Revised Est1mates (RE) 21 22 23 24' 21 22 23 24
2020 #Canal
** tstimates (PE)
21 *Prov1sIonal Actuals

Foodgrains Production Industrial Growth Services Captial Expenditure Foreign Trade

In million tonnes 329.1 328.9 Growth rate at Growth rate of GVA at % of GDP
In US S billion
Constant prices basic prices in %
9.2 10.0 7.6 Imports 675.4
12.2 9.5

2.1 2.1 2.5 27 3.2 394.4 437.1

-0.4 -8.4 Exports
2020- 2021- 2022- 2023 2020- 2021- 2022- 2023 2020- 2021- 2022- 2023 291.8
2020- 2021- 2022- 2023
21 22 23 24 27 22 23 24 21 22 23* 24** 21 22 23
2020- 2021- 2022- 2023
*3rd AE for Agricuiture crops and *PE *1st RE **PE 24* 21 22 23 24'
2nd AEE for Horticulture crops
*Provisional Actuals
*Provisional

The Economic Survey 2023-24 is described by dividing it into 13 India's services exports stood at
chapters . The
current account USS341.1 billion in FY24.
Chapter 1- STATE OF THE ECONOMY: STEADY AS SHE GOES Net FPl inflows stooddeficit
at
stood at 0.7% of GDP.
The global economy recorded a growth of 3.2 percent in 2023. US$ 26.5 billion during US$ 44.1 bilion and net FDI inflow
- The share of agriculture, industry and services sector in overall Chapter 2- FY24.
GVA at current prices was 17.7%, 27.6% and 54.7% respectively MONETARY
STABILITY IS THE WATCHWORD MANAGEMENT
AND FINANCIAL INTERMEDIATION
in FY24. " The GNPA
The manufacturing sector grew by 9.9% in FY24. (gross
sector remains highnon-performing asset) ratio of the agriculture
. The government is providing free food grains to 81.4 crore RBI joined Project at 6.5 percent as of end-March 2024.
people in the country. systems of four Nexus which aims to link the fast
The number of Jan Dhan Yojana beneficiaries reached to 51.6 ASEAN countries payrie
crore.
Singapore
2026.
and Thailand) (Malaysia,
and India and will Philippines,
be
. Capital expenditure for FY24 stood at 9.5 lakh crore.
. Retail inflation improved to 5.4 percent in FY24.
. The value of
was Rs 200 lakhtransactions done on the
implemented v
crore. UPI platform in FY 2024
14
 EDU TERIA September 2023 to August 2024
The Indian Microfinance Institution (MEI) sector is the second
Chogter 7 - SOCLAL SECTOR: BENEFITS THAT EMPOWER
largest after China in terms of the number of borrowing
customers in India. - The top recipient states in FY 2023 are Maharashtra, followed
RBI's Financial Inclusion Index has improved from 60.1 in March by Karnataka and Gujarat.
2023 to 64.2 in March 2024. " Ayushman Bhav Abhiyan was launched in September 2023 to
The Indian stock market is ranked fifth in the world by market saturate selected healthcare services in every village/town and
capitalization in FY 2024. inform citizens about the flagship schemes of the government.
Chapter 3- PRICES AND INFLATION : UNDER CONTROL . The 10,000th Jan Aushadhi Kendra was inaugurated at AIIMS
India is projected to have retail inflation at 5.4 percent in FY24. Deoghar.
Poshan Bhi Padhai Bhi (PBPB) was launched in May 2023.
" In November 2023, the government introduced Bharat Atta
at a subsidized price of Rs 27.50/kg to make it affordable for India's R&D investment as a percentage of GDP is 0.64 per
Consumers. cent,compared to China (2.41 per cent), the US (3.47 per cent)
In February 2024, the government introduced Bharat Rice at a and Israel (5.71 per cent).
subsidized price of Rs 29/ka. The sex ratio at birth (SRB) at the national level has increased
to 930 in FY 2023-24.
Inflation was above 6% in 6 states- Haryana, Rajasthan, Odisha, The Vigyan Jyoti programmelaunched in 2020 aims to address
Telangana, Manipur and Tripura and it was below 6% in the rest
of the states and union territories in FY24. the under-representation of girls in various science and
technology courses from class 9 to 12.
. The IMF has projected an inflation rate of 4.6 percent in 2024
and 4.2 percent in 2025 for India. By 10 July 2024
’ 11.57 crore toilets were built under Swachh Bharat Mission
Chapter 4 - EXTERNAL SECTOR:STABILITY AMID PLENTY
. Global FDI to reach USS1.3 trilion in 2023. Gramin.
. India's total exports crossed USS776 billion. Total irmports also ’ More than 34.7 crore Ayushman Bharat cards have been
increased to US$898 billion in FY 2023. issued.
India's defence production was Rs 108,684 crore in FY 2023. ’ Under PM-Awas-Gramin, 2.63 crore houses were built for
the poor in the last nine years.
Ranked in the list of top 25 arms exporting countries.
India the second largest global producer of footwear after 22 mental disorders are covered under Ayushman Bharat
China, India is the ninth largest global footwear exporter. PMJAY health insurance.
India becomes the world's sixth largest smartphone exporter Tamil Nadu has less than 1 per cent of the country's poor
in 2022. population, while Bihar and UP have 20% and 25% of the poor,
Telangana contributes over 30% of India's pharma production. respectively.
The Karnataka Digital Economy Mission aims to contribute Chapter 8-EMPLOYMENT AND SKILL DEVELOPMENT : TOWARDS QUALITY
US$300 billion to lndia's digital economy by 2026. The unemployment rate has declined to 3.2 per cent in 2022-23.
The Indian government aims tooperationalise 23 waterways by 2030. The government has launched several initiatives to ensure an
According to the Worid Bank, Indiais the top remittance
recipient Al enabled ecosystem and connect the youth of the country Unnati
billion in 2023. with Al. Such as 'Future Skills Prime', YUVAi: Youth for
country, where remittances willreach USD120 school students and
skilled Al, machine and Vikas with Al' a national program for
" India has the second largest pool of highly 'Responsible Alfor Youth 2022.
learning and big data workers in the world.
billion as on 21 In 2021-22, 77 lakh workers were engaged in the gig economy,
Foreign exchange reserves stood at USD 653.7 by
June 2024. while the gig workforce is expected to grow to 2.35 crore
service exports,
India's service exports account for 4.3% of world computer and
2029-30.
to
India ranks second in
telecommunications, The PM Vishwakarma Yojana will provide end-to-end support
information service exports. artisans and craftsmen across 18 trades.
PLENTY OF UPSIDE LEFT
recreational service exports. Chapter 9-AGRICULTURE AND FOOD MANAGEMENT :
India ranks sixth in cultural and
GROWTHVISION FOR NEW INDIA IF WE GET IT RIGHT
Chapter 5 -MEDIUM TERM OUTLOOK: A livelihood support to
The development strategy of Amrit Kaal is
based on six major areas The Indian agriculture sector provides share in the country's
about 42.3% of the population and its
1.Promoting private investment GDP at current prices is 18.2%.
2. Expansion of MSMEs high of 329.7 million
Food grain production reached an all-time reached 41.4 million
3. Agriculture as a growth engine tonnes in 2022-23, and oilseed production
4. Financing green transition tonnes. Food grain production is projected to drop
slightly to
5. Bridging the education-employment gap 328.8 million tonnes in 2023-24.
6. Focus on capacity building of states amount of Rs 5
initial
AMicro Irrigation Fund (MIF) with an NABARD to facilitate
projections, India's working-age
According to UN population continue created with
to grow until 2044. thousand crore has also been
population (15-59 years) will states in mobilizing resources to expand the
coverage of micro
growing population is under the
65 per cent of India's rapidlydo not have the skills that required irrigation.
age of 35 and many of them 51.25% of youth are considered sulphur-containing
The introduction of "Urea Gold" containinganother measure to
About
Tor amodern economy. in two is stilnot employable. urea to overcomne sulphur deficiency
is
employable, meaning one ENERGY TRANSITION : DEALING WITH nutrient balance in the soil.
improve the
Chopter 6 - CLIMATE CHANGE AND achieved a record fish production of 17.54
TRADE-OFFS Source Capacity In 2022-23, India accounting for 8 per
The installed power capacity as on 30 Coal 210.97 GW million tonnes, ranking third globally and
April 2024 was 442.8 GW. |82.64 GW cent of global production.
expanded from 3 crops
issued sovereign green
Solar
GW The scope of Operation Green has been perishable crops, which
The government
R16,000 crore in lanuarv- Big Hydro 46.93
46.16 GW (tomatoes,onions and potatoes) to 22
Donds worth crop i.e. shrimp.
February 2023, followed by 120,000 Gas
Wind 24.82 GW include 10 fruits, 11vegetables and one marine
Crore in October-December 2023.
15
 EDUTERIA
September 2023 to
August 2024 Vision 2030, Andaman and
India lslands Nicobar
Islands and Maritime
Under the Lakshadweep are planned to be developed
MEDIUM MATTERS for tourism and other initiatives
Chapter 0 - INDUSTRY
: SMALL AND US$50 billion and ina phased manner was inaaugurated at Cochin
pharmaceutical market is currently of global Ship Repair Facility
of the top 20 International 2024. The new dry dock
" India's largest by volume. Eight The
Shipyard Limited (CSL) in
January
is the world's third large ships,
are based in India.
generic companies second largest textile manufacturer
and one allows the construction
and repair of including
India is the world's future aircraft carriers.
approval, of whiok
exporting countries. Nadu, Telangana, were given in-principle
of the top five Parks will be set up in Tamil Pradesh and . 21 greenfield airports operational.
Seven PM MITRA become
Madhya Pradesh, Uttar 12 airports have renewable energy (RE) capacity hos
Gujarat, Karnataka, 2022 to FY 2028 with a budget of 4,445 Atotal of 190.57 GW of
Maharashtra from FY country as on 31 March 2024.
been installed in the installad
GROWTH OPPORTUNITIES contributor to world in terms of wind power
. India ranks fourth in the
crore.
Chapter m - SERVICES:FUELLING
continues to be a significant
The services sector per cent of the total size
capacity. Yojana-Urban (PMAY-U) has heon
India's growth, accounting for
nearly 55 The Pradhan Mantri Awas 2024.
of the economy in FY24. billion, a extended till 31 December
services stood at US$178.3 Currently, atotal of 945 km of metro railor regional rapid transit
During FY24, imports of year. in cities and 939 km ara
27
decline of 2.1 per cent over the previous
Conference on Trade and Development system (RRTS) lines are operational
The United Nations Investment Report 2024 under construction.
(UNCTAD) has published the World terms of FDI inflows for ranked 75th in the top 500
The Al supercomputer, AlRAWAT,International Supercomputing
2024) and India ranked 15th in
(WIR
the year 2023.
global supercomputing list at the
Highways (MoRTH) Conference 2023 in Germany.
The Ministry of Road Transport andstrategy -Engineering, The average speed of NH construction
increased to around 34
has formulated a comprehensive '4E'
Enforcement, Emergency Care, and Education -to enhance
road km per day by FY 2024. WHY WE MUST LDOK AT THE
safety standards on NHs. Chapter 3- CLIMATE CHANGE AND INDIA :
and one of the
. India is the third largest domestic aviation market PROBLEM THROUGH OUR LENS
fastest growing major aviation markets globally. Global strategies for climate change are flawed. problem,
The number of air passengers at Indian airports to reach 37.6 . The Western approach does not address the root of the
crore (domestic: 30.6 crore and international: 7 crore) in FY i.e. overconsumption.
2024.
Over 92 lakh foreign tourist arrivals in 2023. The global pursuit of artificial intelligence and mining of rare
earth minerals in large quantities has contributed to increasing
Indiachaired the first Shanghai Cooperation Organisation (SC0)
fossil fuel consumption.
Tourism Expert Working Group. Their practices ignore humanity's inherent relationship with nature.
The government has set up a Fund of Funds for Start-ups with a India must adopt sustainable practices with its own roots and
corpus of Rs 10,000 crore to meet the funding needs of start-ups.
.By end of March 2024 adopt practices from other countries only if they are suitable
’ The total tele-density (number of telephones per 100 and sustainable for India.
population) in India increased to 85.7 per cent. ’ Prograrmmes like Mission Life can help tackle climate
’ The number of wireless telephone connections was 116.5 crore. change. Mission Life includes a list of 75 life actions to live
’ The number of internet subscribers reached 95.4 crore. sustainably.
’ Internet density also increased to 68.2 per cent.
’ 6.83,175 kilometres of optical fibre cable have been laid down.
. The India 6G Vision document was launched in March 2023 to
develop and deploy 6G network technologies in India.
. The India 6G Alliance was launched in July 2023 as a collaborative
07 State assembly election results in 2024
platform of public and private companies, academia, etc. State
Assembly Seat Seats won (Largest party)
The Indian e-commerce industry is expected to cross USD 350
billion by 2030. Andhra Pradesh 175 Telugu Desam -135
Chapter 12 - INFRASTRUCTURE: LIFTING POTENTIAL GROWTH Odisha 147 Bharatiya Janata Party- 78
Atotal of six Multimodal Logistics Parks (MMLP) have been Arunachal Pradesh
awarded by FY 2024. Further, seven MMLPs are planned to be 60 Bharatiya Janata Party- 46
proposed in FY 2025. Sikkim 32 Sikkim Krantikari Morcha-31
Under the "Parvatmala Project" to promote last mile religious and
tourist connectivity, 6 ropeway projects have been proposed. s Andhra Pradesh- Chief Minister: N.
. The government is developing 11 industrial corridor projects (4th time) Chandrababu Naidu
in a phased manner under the National Industrial Corridor
Programme. Odisha Deputy Chief Minister: Pakan Kalyan
Chief Minister: Mohan Charan Majhi ((st time)
Indian Railways is the fourth largest network in the world with Deputy Chief Minister: Kanok Vandhan Sing
over 68,584 kilometres route and 12.54 lakh employees.
. Capital expenditure on railways has increased by 77 per cent in Deo and
the last 5 years. Arunachal Pradesh- ChiefPravati Parida Khandu (3rd time)
. India's ranking in the international shipment category in the Deputy Chief Minister: Pema
World Bank Logistics Performance Index has improved from Sikkim
Note:- Thhe chief Minister: Minister:
Prem
chOna (2ndMeintime)
44th position in 2014 to 22nd position in 2023. results of Sikkim Singh
and Arunachal Tamang
. The Cabinet has approved the development of an all-weather elections
the general
were declared on
June 2, while Pradesh assembly
results of
areenfield deep draft major port at Vadhawan in Maharashtra the
elections
declared on June 4. and other assembly elections were

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