{"id":31308,"date":"2024-07-22T16:46:41","date_gmt":"2024-07-22T11:16:41","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=31308"},"modified":"2024-07-22T16:56:58","modified_gmt":"2024-07-22T11:26:58","slug":"all-about-india-econmic-survey-2023-24","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/all-about-india-econmic-survey-2023-24\/","title":{"rendered":"All about India\u2019s Economic Survey 2023-24: Preview to the Union Budget"},"content":{"rendered":"

The Economic Survey 2023-24 was tabled by Finance Minister Nirmala Sitharaman on 22 July 2024, a day before the Union Budget 2024. It provides a detailed analysis of the economy’s performance last year, the challenges faced, and the future prospects for India.<\/span><\/p>\n

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What Is The Economic Survey?<\/b><\/h2>\n

The Economic Survey acts as a report card for the economy. It details how the economy has been performing, the problems it might be facing, and the government\u2019s plans to address these issues. Released annually before the Union Budget, this year\u2019s Economic Survey was presented on 22 July 2024 by India\u2019s Chief Economic Adviser (CEA) V. Anantha Nageswaran and tabled in Parliament by Finance Minister Nirmala Sitharaman.<\/span><\/p>\n

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Start investing<\/a> in Index Funds.<\/span><\/p><\/blockquote>\n

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Key Highlights From India’s Economic Survey 2024<\/b><\/h2>\n

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Economic Resilience Amid Global Challenges<\/b><\/h3>\n

India\u2019s Chief Economic Adviser emphasised the challenging global environment in the Economic Survey 2024, noting that despite these difficulties, India’s economy remains resilient. The real GDP grew by 8.2% in FY24, marking the third consecutive year of over 7% growth, driven by stable consumption demand and steadily improving investment demand. The Survey projects a conservative real GDP growth of 6.5-7% for FY25, aligning with the International Monetary Fund\u2019s estimate but slightly below the Reserve Bank of India\u2019s forecast of 7.2%.<\/span><\/p>\n

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Inflation and Fiscal Health<\/b><\/h3>\n

Headline inflation is largely under control, with retail inflation decreasing to 5.4% in FY24 from 6.7% in FY23. The RBI projects inflation to fall to 4.5% in FY25 and 4.1% in FY26, assuming normal monsoon conditions and no external shocks. Core inflation, which excludes food and energy prices, was 3.1% in June compared to 7.1% in February 2022. The fiscal deficit is expected to drop to 4.5% of GDP or lower by FY26.<\/span><\/p>\n

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Capex And Fiscal Deficit<\/b><\/h3>\n

India\u2019s fiscal deficit is expected to decrease to 4.5% or lower by FY26. Government efforts on capital expenditure (capex) and private investment have increased capital formation growth. Gross Fixed Capital Formation (GFCF) rose by 9% in FY 2023-24. The Current Account Deficit (CAD) was at 0.7% of GDP in FY24, down from 2% in FY23.<\/span><\/p>\n

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Job Creation Imperatives<\/b><\/h3>\n

The survey states that one out of two Indian students, straight out of college, are not skilled enough to be employed. The Indian economy needs to generate nearly 7.85 million non-farm jobs annually to cater to the rising workforce until 2030. The unemployment rate declined to 3.2% in FY23, reflecting improvements in the labour market over the past six years. Female labour force participation has also been on the rise, contributing to the overall employment landscape.<\/span><\/p>\n

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\"Start<\/a><\/b><\/h4>\n

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Growth Strategy For Amrit Kaal<\/b><\/h3>\n

The government\u2019s growth strategy for the Amrit Kaal focuses on six critical areas:<\/span><\/p>\n