Economic Survey 2024 Highlights: Finance Minister Nirmala Sitharaman tabled the Economic Survey 2024 in the Parliament on July 22. It was followed by a press conference by Chief Economic Adviser Anantha Nageswaran. The Economic Survey’s conservative growth estimate of 6.5 to 7 per cent is lower compared to 8.2 per cent as compared with the last year’s data.
The Economic Survey is a pre-Budget document that is presented a day before the Union Budget. The Survey gives an overview of the state of the economy. It is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and overseen by the chief economic adviser. The survey gives an insight into what to expect in the actual Union Budget that is to be presented by Sitharaman on July 23, Tuesday.
Here are the real-time updates, analysis, and reactions to the Economic Survey 2024.
Economic Survey 2024 Highlights:
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CEA Nageswaran anticipates improved performance in the agricultural sector for the upcoming year, despite the Indian Meteorological Department's revised prediction of below-average monsoon conditions.
CEA Nageswaran also highlighted the need to adopt all feasible approaches to address challenges in the global environment and climate change, without being guided by strict doctrines or ideologies.
Chief Economic Advisor V Anantha Nageswaran highlighted that the Production Linked Incentive (PLI) scheme has attracted investments totaling Rs 1.28 lakh crore. He emphasized that the PLI scheme is demonstrating significant success in critical sectors.
CEA Nageswaran anticipates improved performance in the agricultural sector for the upcoming year, despite the Indian Meteorological Department's revised prediction of below-average monsoon conditions.
Chief Economic Advisor V Anantha Nageswaran has advocated for a nationwide discussion on the agricultural sector, emphasizing the necessity for policy realignment despite the current provisions of subsidies and support measures. In the introduction to the Economic Survey 2023-24, Nageswaran pointed out that although the government extends significant assistance to farmers through subsidies on water, electricity, and fertilizers, as well as income tax exemptions and minimum support prices, there remains scope for enhancing policy execution.
Chief Economic Advisor V Anantha Nageswaran stated that inflationary pressures are contained, with core inflation consistently remaining below 4 percent.
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In the period of FY24, India's net FDI inflow dropped by 62.17 per cent to $10.58 billion. Meanwhile last year, India saw net FDI at $27.98 billion.
Chief Economic Adviser V Anantha Nageswaran said in the annual economic survey tabled in the Parliament on Monday, that to boost its global exports New Delhi can either integrate into China's supply chain or promote foreign direct investment from China. (Reuters)
Sitharaman said the Economic Survey 2023-24 emphasized India's aviation sector is poised for unprecedented growth, stressing the imperative to enhance airline efficiency, viability, and environmental sustainability. Highlighting the significance of cooperation among the government, industry stakeholders, and international partners, the survey underscored the necessity to bolster Indian airlines for better long-haul connectivity. Given that a substantial portion of India's international traffic currently routes through hubs in the Middle East and Southeast Asia, the survey called for strengthening domestic carriers to meet these demands. The civil aviation sector is buoyed by rising demand, increased economic activity, tourism, higher disposable incomes, favorable demographics, and expanded aviation infrastructure.
The Economic Survey emphasized India's aviation sector is poised for unprecedented growth, stressing the imperative to enhance airline efficiency, viability, and environmental sustainability. Highlighting the significance of cooperation among the government, industry stakeholders, and international partners, the survey underscored the necessity to bolster Indian airlines for better long-haul connectivity. Given that a substantial portion of India's international traffic currently routes through hubs in the Middle East and Southeast Asia, the survey called for strengthening domestic carriers to meet these demands. The civil aviation sector is buoyed by rising demand, increased economic activity, tourism, higher disposable incomes, favorable demographics, and expanded aviation infrastructure.
The Economic Survey 2024 highlighted the profound uncertainty brought by Artificial Intelligence (AI) concerning its impact on workers across all skill levels. According to the Survey, AI, while enhancing productivity significantly, is poised to disrupt employment in specific sectors. The Survey characterized AI as exceptionally rapid in innovation and widespread in adoption, cautioning that it will reshape the future of work.
The Economic Survey raised alarms about increasing obesity rates and the rise in consumption of highly processed foods high in sugars and fats. It highlighted that 54% of India's disease burden is attributed to unhealthy diets. Obesity is described as a significant issue requiring preventive measures to promote healthier lifestyles.
According to the Survey presented by Finance Minister Nirmala Sitharaman in Parliament on Monday, "Obesity is becoming a serious concern among India's adult population."
The Economic Survey highlights that higher foreign direct investment from China could bolster India's involvement in global supply chains and boost exports.
Over the past five years, the agriculture sector has maintained an average annual growth rate of 4.18% in constant prices. However, for the fiscal year 2023-24, provisional estimates indicate that the growth rate of the agriculture sector was recorded at 1.4% in constant prices.
According to the Economic Survey, tomato prices increased due to crop diseases specific to certain regions, early monsoon rains, and logistical disruptions. Onion prices surged as a result of rainfall affecting rabi onion quality during the last harvest season, delayed sowing of Kharif onions, prolonged dry spells impacting Kharif production, and trade-related measures implemented by other countries.
The Economic Survey 2023-24, presented in Parliament by Finance Minister Nirmala Sitharaman today, emphasizes the critical need for increased private sector financing and mobilization of resources from diverse avenues to enhance India's infrastructure quality. The survey highlights that achieving this goal hinges not only on robust policy and institutional backing from the central government but also demands active participation and support from state and local governments.
While the Economic Survey has pegged the GDP growth between 6.5 to 7per cent, the Reserve Bank of India had projected the GDP growth at 7.2 per cent for the fiscal ending March 2025. On the other hand, agencies like ADB and IMF have also said India growing at 7 per cent.
The Economic Survey says that Artificial Intelligence will have major impact on workers across all sectors with all skill levelcas. "Huge pall of uncertainty" in terms of AI's effect on workforce, says report.
Authored by Chief Economic Adviser V Anantha Nageswaran, the report says that India may see slower growth in private investments across key sectors.
The Economic Survey says the outlook for nation's financial sector appears bright.
The Economic Survey 2023-24 conservatively projects a real GDP growth of 6.5–7 per cent in FY25 with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side. (ANI)
Finance Minister Nirmala Sitharaman tables Economic Survey 2024 in Parliament.
Taking a jibe at the Opposition ahead of the Economic Survey presentation, Prime Minister Narendra Modi stated that in the first session of Parliament, there was an effort to silence the voice of the government elected with the support of 1.4 billion people. He added that for 2.5 hours, there was an attempt to silence his voice. But he said that the people entrusted them to serve the nation. He said that this Parliament belongs to the nation, not any political party.
Ahead of the budget session, Prime Minister Narendra Modi expressed pride in India's status as the fastest-growing economy. He highlighted that over the past three years, the country has sustained a consistent growth rate of 8 percent.
On January 29, just before Finance Minister Nirmala Sitharaman presented the interim Budget for 2024-25 on February 1, the finance ministry released a report projecting a GDP growth rate nearing 7 percent for the current fiscal year.
The Economic Survey will be tabled by FM Nirmala Sitharaman in both the Houses of Parliament today at 1:00 PM.