Economic Survey 2024-25 Download PDF: Focus On Robust Growth And Strategic Policy Focus Amid Global Challenges

The Economic Survey 2023-24 showcases India's economy growth at 8.2%, with improvements in fiscal balances, inflation management, and financial sector performance. Challenges remain in global trade and policy focus areas for future growth.

Economic Survey 2024-25 Download PDF: The Economic Survey 2023-24 underscores the robust state of India's economy.

Despite global challenges, India's real GDP grew by 8.2% in FY24, focusing on macroeconomic stability.

Capital formation has surged due to government capital expenditure and private investments. Inflation management has been effective through administrative and monetary policies, with retail inflation dropping to 5.4% in FY24. Fiscal balances have improved, and the current account deficit was 0.7% of GDP in FY24.

Financial Sector Performance

The financial sector has shown strong performance, with double-digit growth in bank credit and a reduction in non-performing assets. Asset quality has also seen improvements. The government's emphasis on financial inclusion through market development, technology, and consumer protection has been notable.

Core inflation has decreased due to lower goods and services inflation. Although food prices faced pressure from adverse weather conditions, the government implemented measures to mitigate inflation impacts.

External Sector Resilience

The external sector remained resilient despite geopolitical challenges, with enhancements in logistics performance and diversification of export destinations. The current account deficit narrowed, and services exports increased. India emerged as the top remittance recipient globally.

India's forex reserves at the end of March 2024 were sufficient to cover more than ten months of projected imports for FY25 and 98% of its external debt. The external debt to GDP ratio was at a sustainable level of 18.7% at the end of March 2024.

Challenges and Future Outlook

However, challenges such as slowing global GDP growth and rising trade protectionism pose significant risks. Addressing these requires removing barriers and boosting India's export competitiveness through concerted efforts by both government and private sectors.

The medium-term growth outlook will be shaped by global trends like geo-economic fragmentation, self-reliance drives, climate change impacts, technological advancements as strategic differentiators, and limited policy space worldwide.

Policy Focus Areas

Key policy areas for short to medium-term focus include job creation, skill development, maximising agriculture sector potential, addressing MSME bottlenecks, managing India's green transition, dealing with China-related issues, deepening the corporate bond market, tackling inequality, and improving youth health quality.

India's mission-mode approach to climate change has led to significant progress in renewable energy capacity expansion and energy efficiency improvements. Energy needs are expected to grow substantially by 2047, necessitating a balance between energy transition and developmental priorities.

Renewable Energy Initiatives

Expanding renewable energy and clean fuels will require land, water resources, and critical minerals for battery storage technologies. India has taken steps to enhance energy efficiency and issued sovereign green bonds for emission-reducing projects.

The government has initiated several social sector empowerment programs focusing on education and healthcare reforms. These aim at empowerment, universal access to necessities, efficiency, cost-effectiveness, and increased private-sector participation.

Labour Market Improvements

The Indian labour market has improved with declining unemployment rates and higher youth and female workforce participation. Measures have been implemented to boost employment and skill development while balancing technology use with labour welfare.

The agriculture sector continues steady growth with allied sectors like livestock and fisheries emerging as promising sources for enhancing farm incomes. However, there is still room for improvement in agriculture productivity and food management systems.

The Indian economy's resilience is evident post-pandemic recovery with real GDP in FY24 being 20% higher than FY20 levels. Long-term price stability along with the development of storage and processing facilities for essential food items remain crucial goals for sustained economic health.

You can watch and download the Economic Survey 2024 through the following channels:

- Live Stream: Watch the Economic Survey live on Sansad TV and PIB India.
- Live Updates: Follow the Ministry of Finance on Facebook https://www.facebook.com/finmin.goi and on Twitter @FinMinIndia for real-time updates.
- Download Documents: Access and download the Economic Survey documents on the India Budget website after the official release.