Economic Survey 2023-24: Here are the key highlights

The Budget Session of Parliament has commenced today. On July 22, Union Finance Minister Nirmala Sitharaman presented the Economic Survey of India 2023-24, along with a statistical appendix, in both Houses of Parliament. She is scheduled to present the Union Budget for 2024-25 in the Lok Sabha on July 23. This marks the first Budget of the Modi Government's third consecutive term in office.

Here are the key highlights of the Economic Survey 2023-24.

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• Global Growth: 3.2% in 2023, impacted by domestic issues, geopolitical conflicts, and monetary tightening.
• India's Performance: Real GDP grew by 8.2% in FY24, maintaining strong momentum despite global challenges.
• Capital Formation: Rs 10.9 lakh crore raised in FY24, covering 29% of capital formation.
• Sector Transformation: Financial sector evolving with potential vulnerabilities; need for agile policy interventions.
• Inflation Trends: Core inflation fell in FY24, with retail inflation driven down. RBI projects 4.5% inflation in FY25.
• Global Pressures: Inflation affected by pandemic, geopolitical tensions, and supply disruptions.
• Trade Balance: Merchandise imports moderated; services exports rose by 4.9% to $ 341.1 billion.
• Debt Sustainability: External debt at 18.7% of GDP, with improved logistics performance.
• Growth Strategy: Focus on private investment, MSME growth, agriculture, green transition financing, education-employment gap, and state capacity.
• Sustained Growth: Potential for 7%+ growth with continued structural reforms and collaboration between government and private sector.
• Renewable Energy: Non-fossil sources constitute 45.4% of installed capacity.
• Green Bonds: Rs 36,000 crore raised in 2023 for emission reduction projects.
• Welfare Reforms: Ayushman Bharat scheme has generated 34.7 crore cards and covered 7.37 crore hospital admissions, saving over ₹1.25 lakh crore in out-of-pocket expenses.
• Labor Market: Unemployment rate at 3.2%; EPFO net payroll additions doubled in five years.
• Sector Growth: Livestock sector grew at 7.38% CAGR; fisheries sector at 8.9% CAGR.
• Tech Adoption: Digital Agriculture Mission and e-NAM for smart agriculture technologies.
• Industrial Growth: 9.5% growth in FY24; significant improvements in manufacturing, construction, and mining.
• Coal Production: Record 997.2 million tonnes produced, reducing import dependence.