Economic Survey 2024: Form GDP Growth To Unemployment Number; Here Are The Key Highlights

India's economy displayed resilience with a robust real GDP growth rate of 8.2 per cent in the fiscal year 2023-24 despite facing significant global headwinds and domestic economic challenges

On Tuesday, July 23, Sitharaman is scheduled to present the Union Budget for the financial year 2024-25 in the Lok Sabha

Source : ABPLIVE AI

The Budget Session of Parliament has commenced with Union Finance Minister Nirmala Sitharaman presenting the Economic Survey of India 2023-24 on Monday, accompanied by a statistical appendix, in both the Lok Sabha and the Rajya Sabha. On Tuesday, July 23, Sitharaman is scheduled to present the Union Budget for the financial year 2024-25 in the Lok Sabha. This signifies the first Budget presentation of the Modi 3.0 Government, and industry experts, along with the common people, are looking forward to it with their wishlist in their hands.

Here are some of the key points highlighted in the Economic Survey for fiscal year 2023-24.

India's Performance: India's economy displayed resilience with a robust real GDP growth rate of 8.2 per cent in the fiscal year 2023-24 despite facing significant global headwinds and domestic economic challenges.

Global Growth: The global economy is projected to grow by 3.2 per cent in 2023, although this growth is tempered by various domestic challenges, geopolitical tensions, and tightening monetary policies in key economies worldwide.

Capital Formation: In FY24, India saw significant capital formation, with Rs 10.9 lakh crore raised, which accounted for 29 per cent of the total capital formation during the period, indicating sustained investment momentum in the economy.

Inflation Trends: Core inflation declined during FY24, contributing to a reduction in retail inflation. The Reserve Bank of India projects inflation to be around 4.5 per cent for FY25.

Trade Balance: India's trade balance showed moderation in merchandise imports, while services exports grew by 4.9 per cent to reach $341.1 billion, reflecting a balanced external trade performance.

Debt Sustainability: India's external debt stood at 18.7 per cent of GDP in FY24, supported by improved logistics performance and strategic debt management practices.

Sustained Growth: India aims to sustain a growth trajectory of over 7 per cent through continued structural reforms and effective collaboration between the government and the private sector.

Coal Production: India achieved a record coal production of 997.2 million tonnes in FY24, reducing import dependency and bolstering energy security.

Labour Market: India's unemployment rate stood at 3.2 per cent in FY24, while additions to EPFO net payrolls doubled over the past five years, indicating positive trends in formal sector employment.

Renewable Energy: Non-fossil fuel sources accounted for 45.4 per cent of India's installed energy capacity in FY24, reflecting a commitment to sustainable energy development.

Green Bonds: In 2023, India raised Rs 36,000 crore through green bonds to fund projects aimed at reducing emissions and promoting environmental sustainability.

Welfare Reforms: The Ayushman Bharat scheme has issued 34.7 crore health cards and facilitated 7.37 crore hospital admissions, resulting in significant savings of over Rs 1.25 lakh crore in out-of-pocket healthcare expenses.

Industrial Growth: India's industrial sector exhibited robust growth of 9.5 per cent in FY24, driven by notable improvements in manufacturing, construction, and mining activities.