Economic Survey 2024: Key Highlights by FM Nirmala Sitharaman, Download PDF

Finance Minister Nirmala Sitharaman presented the Economic Survey 2023–24 to the Parliament on the first day of the budget session. It is anticipated that the Economic Survey will give a sneak peek at the Budget 2024 that is to be presented tomorrow. 

Click Here: Economic Survey 2024 (Official PDF)

FM Sitharaman will propose the Union Budget 2024 to the Parliament on July 23, 2024. The newly elected NDA administration, led by Prime Minister Narendra Modi for the third time in a row, will present its first budget this year.

Key Highlights of the Economic Survey:

According to the Economic Survey presented in the Lok Sabha, some key highlights are as mentioned below:

New Education Policy Transforming Education

The National Education Policy (NEP) 2020 is transforming education with a focus on ensuring that all children can read, write and do basic math by grade 3. The ‘Poshan bhi Padhai bhi’ program aims to create the world's largest network of high-quality preschools at Anganwadi Centers.

Health Sector Reforms in NDA Government

Ayushman Bharat, a health insurance scheme, is saving lives and preventing families from falling into debt, says the Economic Survey 2024.

Over 34.7 crore people have been issued Ayushman Bharat cards, covering over 7.37 crore hospital admissions. This program has saved poor and underprivileged families over 1.25 lakh crore rupees in out-of-pocket medical expenses.

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Retail Inflation Declined to 5.4% in FY24

Despite challenges like global issues, supply chain problems, and unpredictable monsoon seasons, India managed to control the inflation rate through administrative policies and monetary measures taken by the government. This brought down inflation from an average of 6.7% in FY23 to 5.4% in FY24.

India’s Economy on the Path of Recovery

According to the Economic Survey, India's economy has recovered well since the pandemic. Real GDP in FY24 was 20% higher than pre-pandemic levels (FY20). 

The nation is expected to see continued strong growth in FY25, but there are some risks to consider (geopolitical, financial markets, and climate).

Unemployment Rate Going Down:

As per the Economic Survey, the unemployment rate has been going down since the pandemic.

The survey also mentioned a positive trend for women in the workforce. The female participation rate has been rising for the past six years, mainly by rural women joining the workforce.

Good Monsoon will boost the Country’s Economy:

According to the Economic Survey, despite the global uncertainties, domestic factors boosted India's economic growth in FY24. Good monsoon rains so far should improve agriculture and rural demand.

Indian Economy Performed Well:

The Indian economy performed well in FY24, demonstrating resilience and continued growth. India's economy maintained its strong momentum from the previous year despite global challenges.

Real GDP growth reached 8.2%, exceeding 7% for the third year in a row. Reforms like GST and IBC are working as intended.

India’s Real GDP Growth Projected at 6.5-7%:

As per the Economic Survey, the projection for the country’s real GDP growth stands between 6.5% to 7%. This projection is estimated by taking a conservative approach, however, according to some experts India’s GDP growth will surpass the mentioned value. 

What is an Economic Survey?

The Economic Survey is a pre-budget document prepared by the Economic Division of the Department of Economic Affairs, Ministry of Finance. It is prepared under the supervision of the Chief Economic Advisor. 

This document provides an insight on the state of the economy and various indicators for the year 2023-24 (April-March). It also offers some insights about the financial condition of the country for the current year.

When was the Economic Survey First Presented?

The Economic Survey document may also give some hints about the actual sound and shape of the upcoming Budget for 2024-25. The first Economic Survey reportedly came into existence in 1950-51, when it was part of the budget documents. In the 1960s, it was separated from the budget documents and started being presented a day before the Union Budget.

What to Expect from Union Budget FY25

Experts expect that there will be changes in the new income tax system to make it more attractive for individual taxpayers.

Special attention is also expected to be given to the country's infrastructure sector. At the same time, there is a possibility of sticking to the fiscal consolidation path to control fiscal deficit.