2024 Economic Survey

Every year, the Ministry of Finance publishes a report called the Economic Survey of India. This report usually comes out a day before the Union Budget is presented in the Parliament. The Economics Division of the Department of Economic Affairs creates this report with guidance from the Chief Economic Advisor. It looks back at what happened in the Indian economy during the last 12 months and also gives an idea of how the economy will do in the current year. The economic survey report also gives a snapshot of the current condition of the Indian economy. This includes information about things like the size of the economy (GDP), inflation, jobs, and trade. The first time this Economic Survey was made in India was during 1950-51. Back then, it used to be presented along with the Union Budget. But from 1964 onwards, it has been presented separately, not at the same time as the Budget.

-Economic Survey 2024:

The Economic Survey 2024 won't be shown before Budget 2024 this year due to the General Election process. It would be released after the elections before the final budget is released. Instead, a report on India's last 10 years called 'Indian Economy–A Review' has been released by the Centre. This report, prepared by Chief Economic Advisor V Anantha Nageswaran, also gives a sneak peek into the future outlook of the economy.

- Indian Economy - A Review :

The Department of Economic Affairs on 30th January 2024 published a report highlighting India's achievements in the past decade, just ahead of Finance Minister Nirmala Sitharaman's interim budget speech. Despite global economic challenges with growth rates barely surpassing 3%, India's GDP is projected to surpass 7.2% in FY24, marking the third consecutive year of over 7% growth. This growth is attributed to increased public sector investment, a robust financial sector, and strong non-food credit expansion.

India has solidified its position as the world's third-largest fintech economy, following only the USA and the UK, and has surpassed Hong Kong to claim the fourth spot in global stock markets. This success is credited to both domestic and international investor interest, along with sustained IPO activity.

Key social and economic initiatives have significantly impacted the landscape. The PM Jan Dhan Yojana has notably increased the percentage of women with bank accounts, rising from 53% in 2015-16 to an impressive 78.6% in 2019-21. Female labor force participation has also seen substantial growth, increasing from 23.3% in 2017-18 to 37% in 2022–23, thanks to initiatives like the Skill India Mission, Start-Up India, and Stand-Up India, which have boosted female participation in human capital formation.Key social and economic initiatives have significantly impacted the landscape. The PM Jan Dhan Yojana has notably increased the percentage of women with bank accounts, rising from 53% in 2015-16 to an impressive 78.6% in 2019-21. Female labor force participation has also seen substantial growth, increasing from 23.3% in 2017-18 to 37% in 2022–23, thanks to initiatives like the Skill India Mission, Start-Up India, and Stand-Up India, which have boosted female participation in human capital formation.

In higher education, the female Gross Enrolment Ratio (GER) has quadrupled from 6.7% in FY01 to 27.9% in FY21, while the overall GER has more than doubled from 24.5% to 58.2% between FY05 and FY22. Supportive government measures are fostering increased dynamism among the MSME sector.

Key social and economic initiatives have significantly impacted the landscape. The PM Jan Dhan Yojana has notably increased the percentage of women with bank accounts, rising from 53% in 2015-16 to an impressive 78.6% in 2019-21. Female labor force participation has also seen substantial growth, increasing from 23.3% in 2017-18 to 37% in 2022–23, thanks to initiatives like the Skill India Mission, Start-Up India, and Stand-Up India, which have boosted female participation in human capital formation.Key social and economic initiatives have significantly impacted the landscape. The PM Jan Dhan Yojana has notably increased the percentage of women with bank accounts, rising from 53% in 2015-16 to an impressive 78.6% in 2019-21. Female labor force participation has also seen substantial growth, increasing from 23.3% in 2017-18 to 37% in 2022–23, thanks to initiatives like the Skill India Mission, Start-Up India, and Stand-Up India, which have boosted female participation in human capital formation.

The adoption of the Goods and Services Tax (GST), combined with the unification of domestic markets and enhanced production incentives, has enhanced economic efficiency, resulting in a subsequent reduction in logistics costs.

- Key Highlights of Economic Review 2024:

•The projected GDP growth for India in FY24 is expected to surpass 7.2%.

•India has established itself as the world's third-largest fintech economy, ranking just behind the USA and the UK.

•Initiatives such as the Skill India Mission, Start-Up India, and Stand-Up India have contributed to an increase in female participation in human capital formation.

•The overall Gross Enrolment Ratio (GER) has experienced substantial growth, more than doubling from 24.5% to 58.2% between FY05 and FY22.

- Importance of Economic Survey :

The Economic Survey brings attention to the economic patterns of the country and simplifies the comprehension of how funds are gathered and distributed in the Union Budget. Within the survey, there's an examination of patterns in things like infrastructure, jobs, money availability, prices, imports, exports, foreign money reserves, and other vital economic measures that have an impact on the budget.

- Economic Survey 2022-23 Highlights:

According to the Economic Survey 2022-23, India has recovered economically from the losses caused by the Pandemic, and now the economy is expected to grow at the rate of 6%- 6.8% in the coming Financial Year 2023-24. Here are the Major highlights from the Economic Survey 2022-23.