Economic Survey 2024

Economic Survey 2023-24 has been released on 22nd July 2024. 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 of the Financial Year 2023-24 was presented by the Union Finance Minister, Nirmala Sitaraman, on 22nd July 2024, right after the President’s Address. The Survey provided a comprehensive overview of the Indian economy's performance, prospects, challenges, and policy recommendations in the Previous Year.

According to the Economic Survey 2023-24, inflationary pressures, driven by global issues, supply chain disruptions, and unpredictable monsoons, have been effectively managed through strategic administrative and monetary policies. Consequently, retail inflation, which averaged 6.7% in FY23, decreased to 5.4% in FY24. The report further noted that the government's timely policy interventions, combined with the Reserve Bank of India’s measures to ensure price stability, successfully kept retail inflation at 5.4% in FY24, marking the lowest level since the pandemic.

Download the complete Economics Survey 2024 PDF from below: 

ECONOMIC SURVEY 2023-24 PDF

Economic Survey 2023-24 Key Highlights

Here are the Major highlights from the Economic Survey 2023-24.

• Resilient Economy: The Indian economy grew over 7% for the third consecutive year, driven by stable consumption and improving investment demand.
• Improved Current Account Deficit: India's CAD improved to 0.7% of GDP in FY24, down from 2.0% in FY23.
• Robust Forex Reserves: At the end of March 2024, India's forex reserves could cover more than 10 months of projected imports and 98% of external debt.
• Stable Banking Sector: The banking sector showcased stellar performance with double-digit credit growth, low NPAs, and improved asset quality.
• Core Inflation Falls: Retail inflation was maintained at 5.4%, the lowest since the pandemic, due to effective policy interventions and RBI measures.
• Positive Short-Term Inflation Outlook: Inflation is expected to decline to 4.5% in FY25 and 4.1% in FY26, assuming normal monsoon and no external shocks.
• Growth Strategy for New India: The focus will be on bottom-up reforms, job and skill creation, MSME development, green transition, and addressing inequality.
• FDI Inflows Slow: Net FDI inflows declined from $42 billion in FY23 to $26.5 billion in FY24, with gross FDI inflows moderating slightly.
• Growing Energy Needs: India's energy needs are projected to grow 2 to 2.5 times by 2047, with significant progress in renewable energy and emissions reduction.
• Sectoral Performance: Agriculture grew at 4.18% annually over the past five years, industry grew at 9.5% in FY24, and the services sector contributed 55% to the economy in FY24.

Also Check: Union Budget 2024

Economic Survey 2024 Importance

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.

The Economic Survey holds significance across different stages of the UPSC Civil Services Exam: Prelims, Mains, and Interview.

• In the Prelims test, the Economic Survey content is directly asked. Roughly half of the 15-20 economics-related questions in the UPSC Prelims Test pertain to information from the Economic Survey of India.
• For the Mains exam, including the General Studies (GS) Papers covering topics like Polity, Society and Social Issues, and Economic Development, as well as the Essay Paper, incorporating data, facts, figures, and statistics from the Economic Survey can enhance scores. Responses can also integrate analysed issues and recommended reforms. For those with Economics as their optional subject, this information is especially valuable for Paper I.
• During the Personality Test, candidates can draw upon data and analysis from the Economic Survey 2023 when addressing interview questions.

Also Check: Economic Survey 2024 Key Highlights

Economic Survey 2024 Videos

Recognising the significance of the Economic Survey Document, we at Vajiram comprehend the value and have meticulously shaped the content, crafting concise videos from it.

Vajiram & Ravi Economic Survey Youtube Playlist

 Each video encompasses:

• Pertinent subject matter from the UPSC perspective.
• Incorporation of flowcharts and diagrams to enhance comprehension and illustrate connections between subjects.
• An introductory overview of fundamental economic concepts before delving into the specific Economic Survey content related to that subject.
• Exploration of Main exam-focused questions linked to the pertinent Economic Survey topics.
• Each session culminates in Multiple Choice Questions (MCQs) accompanied by explained answers, offering aspirants an insight into the type of questions UPSC could present on that topic.

Through our videos and interactive sessions in the Economic Survey Series, Vajiram & Ravi is committed to aiding your preparation. The lecture series for the Economic Survey 2024, along with its concise summary, will be accessible soon on the official Vajiram & Ravi YouTube channel.

Economic Survey 2024 FAQs

Q1. Who publishes the Economic Survey of India?

Ans. The Economic Survey report is crafted by the Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor.

Q2. Which organisation conducts the Economic Survey in India? 

Ans. The Economic Survey 2023 has been compiled by the Economics Division of the Department of Economic Affairs, led by Dr V. Anantha Nageswaran, who is the Chief Economic Advisor. 

Q3. When is the Economic Survey Report released?

Ans. The Economic Survey Report 2024 has been released on 22nd July 2024.