Economic Survey 2024: Summary for UPSC and Other Competitive Exams, Download PDF

The Economic Survey 2024 provides a comprehensive analysis of the nation's economic performance over the past fiscal year. It is a crucial document that provides an in-depth understanding of the nation's economic policies, challenges, and opportunities. Important survey parts, such as GDP growth, sectoral performance, fiscal policy, and future outlook, will all be covered in depth.

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The Economic Survey is presented in Parliament a day before the General Budget is presented. It is prepared and presented by the Ministry of Finance, which is generally presented by the Finance Minister. 

Economic Survey 2024: Summary for UPSC and Other Competitive Exams

On July 22, FM Nirmalasitha Nirmala Sitharaman tabled the Economic Survey 2023-24. According to the survey, India's real GDP is expected to increase by 6.5 to 7% in fiscal year 2025 (FY25). This means that the economy will continue to develop at a stable rate. The coming year for the financial industry is likewise positive, implying that banks and other financial institutions are in good condition.

The survey also identifies possible dangers to the Indian economy. These risks include geopolitical conflicts, which may hinder trade and investment. Inflation remains a problem, although it has decreased to 5.4%. 

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With the help of governmental monetary policies and administrative regulations, India was able to keep the inflation rate under control despite external challenges such as supply chain disruptions, unstable monsoon seasons, and global challenges. As a result, inflation decreased from 6.7% on average in FY23 to 5.4% in FY24.

According to the Economic Survey, India's economy has rebounded significantly since the pandemic began. The real gross domestic product in FY24 was 20% higher than before the pandemic (FY20). The country is likely to have excellent ongoing growth in FY25, however, there are significant risks to consider (geopolitical, financial, and climatic).

Why Economic Survey is Important for UPSC?

The Economic Survey is an in-depth exploration that illustrates economic trends and patterns that are important for UPSC examination aspirants. It analyses the performance of many sectors, including agriculture, manufacturing, services, and infrastructure. By studying these patterns, candidates can have a more sophisticated grasp of the economy, which is required for both the preliminary and main exams.

✅Government social sector spending shows rising trend since 2016, states Economic Survey 2023-24

✅Social Welfare expenditure grows at CAGR of 12.8% between FY18 - FY24

✅Health Expenditure increases at CAGR of 15.8%

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— PIB India (@PIB_India) July 22, 2024

One of the most important parts of the Economic Survey is its examination of government policies and their repercussions. It evaluates the success of various projects and activities, providing an objective evaluation that is useful to candidates.

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