Podcast
Questions and Answers
What primary area of focus distinguished the 2023-24 survey from the 2022-23 survey?
What primary area of focus distinguished the 2023-24 survey from the 2022-23 survey?
Besides fiscal consolidation, what additional aspect did the 2023-24 survey emphasize?
Besides fiscal consolidation, what additional aspect did the 2023-24 survey emphasize?
What was the primary external factor that both surveys acknowledged as a significant challenge?
What was the primary external factor that both surveys acknowledged as a significant challenge?
Which of the following is NOT a key area of focus highlighted in the Economic Survey of India over the last two years?
Which of the following is NOT a key area of focus highlighted in the Economic Survey of India over the last two years?
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What overall message do the Economic Surveys of the last two years convey regarding India's economic situation?
What overall message do the Economic Surveys of the last two years convey regarding India's economic situation?
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What was the approximate GDP growth rate of the Indian economy in FY 2022-23, according to the Economic Survey?
What was the approximate GDP growth rate of the Indian economy in FY 2022-23, according to the Economic Survey?
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Which of these sectors experienced the strongest growth, due to government economic policy reforms?
Which of these sectors experienced the strongest growth, due to government economic policy reforms?
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Which key area was NOT a focus of structural reforms, as outlined in the Economic Survey?
Which key area was NOT a focus of structural reforms, as outlined in the Economic Survey?
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What was a key driver behind the increase in domestic consumption and private investment in India?
What was a key driver behind the increase in domestic consumption and private investment in India?
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Which of the following was NOT a sector where India's exports remained robust despite a global economic slowdown?
Which of the following was NOT a sector where India's exports remained robust despite a global economic slowdown?
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What type of technology was given explicit emphasis, in the survey, as a part of green growth initiatives?
What type of technology was given explicit emphasis, in the survey, as a part of green growth initiatives?
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What was the main structural challenge, with regard to employment, that the survey sought to address?
What was the main structural challenge, with regard to employment, that the survey sought to address?
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Which sector in India was a key driver of growth, particularly due to strong global demand for technology and digital services?
Which sector in India was a key driver of growth, particularly due to strong global demand for technology and digital services?
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What specific initiative was highlighted as contributing to India's shift toward self-reliance and reduction in import dependence?
What specific initiative was highlighted as contributing to India's shift toward self-reliance and reduction in import dependence?
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What fiscal deficit target, as a percentage of GDP, did the Indian government focus on reducing to?
What fiscal deficit target, as a percentage of GDP, did the Indian government focus on reducing to?
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Which institution maintained an inflation-targeting framework to control rising prices?
Which institution maintained an inflation-targeting framework to control rising prices?
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What were the two primary infrastructure initiatives highlighted by the survey to boost long-term economic growth?
What were the two primary infrastructure initiatives highlighted by the survey to boost long-term economic growth?
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In addition to infrastructure, which area is recognized as needing investment to foster inclusive growth?
In addition to infrastructure, which area is recognized as needing investment to foster inclusive growth?
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Which of these was NOT one of the main factors contributing to global economic uncertainty mentioned in the survey?
Which of these was NOT one of the main factors contributing to global economic uncertainty mentioned in the survey?
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India's exports grew, supported by strong performance in sectors excluding which of the following?
India's exports grew, supported by strong performance in sectors excluding which of the following?
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Which sector is NOT highlighted as one of the core pillars of growth in both the 2023-24 and 2022-23 surveys?
Which sector is NOT highlighted as one of the core pillars of growth in both the 2023-24 and 2022-23 surveys?
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According to the Economic Survey 2023-24, what was the projected GDP growth rate for India in FY 2023-24?
According to the Economic Survey 2023-24, what was the projected GDP growth rate for India in FY 2023-24?
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Which sector experienced strong growth, driven by initiatives like 'Atmanirbhar Bharat' and 'Make in India' according to the Economic Survey 2023-24?
Which sector experienced strong growth, driven by initiatives like 'Atmanirbhar Bharat' and 'Make in India' according to the Economic Survey 2023-24?
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According to the Economic Survey, what challenge did the agricultural sector face?
According to the Economic Survey, what challenge did the agricultural sector face?
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Which sector remained a significant contributor to GDP growth, particularly with India strengthening its position in global markets for digital services and outsourcing, according to the Economic Survey 2023-24?
Which sector remained a significant contributor to GDP growth, particularly with India strengthening its position in global markets for digital services and outsourcing, according to the Economic Survey 2023-24?
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What was the status of inflation in India according to the Economic Survey 2023-24?
What was the status of inflation in India according to the Economic Survey 2023-24?
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What monetary policy stance did the Reserve Bank of India (RBI) adopt as per the Economic Survey 2023-24?
What monetary policy stance did the Reserve Bank of India (RBI) adopt as per the Economic Survey 2023-24?
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What was a key emphasis of the government, regarding fiscal policies, according to the Economic Survey 2023-24?
What was a key emphasis of the government, regarding fiscal policies, according to the Economic Survey 2023-24?
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What did the Economic Survey of India highlight about the Indian economy's performance post-COVID according to the report?
What did the Economic Survey of India highlight about the Indian economy's performance post-COVID according to the report?
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Study Notes
Economic Survey of India (2023-24 & 2022-23)
- Growth Projections (2023-24): GDP growth projected at 6.0% - 6.8%, despite global challenges (inflation, energy prices, geopolitical tension)
- Economic Resilience: India's economy showed strong resilience post-COVID, benefiting from robust domestic consumption, improving investments, and export expansion.
- Agriculture: Growth moderate, facing challenges like climate change, water scarcity, and labor shortages. Digitization and modernization are emphasized.
- Industry and Manufacturing: Strong growth, driven by initiatives like "Atmanirbhar Bharat" and "Make in India". This boosted domestic production and supply chains.
- Services: Services, particularly IT and financial services, remain key contributors to GDP growth. India is strengthening its global position in digital services and outsourcing.
- Inflation: Inflation is under control, with CPI within the Reserve Bank of India's (RBI) target range. Food inflation remains a concern.
- Monetary Policy: RBI adopted a cautious stance, maintaining high interest rates to control inflation, while focusing on targeted fiscal policies.
- Digital Transformation: Digitization is crucial for economic growth, highlighted in the survey. Innovations in digital payment systems, fintech, and online services are emphasized.
- Labor Market: Labor market reforms are needed to enhance employment opportunities, especially for youth and women, tackling informal employment.
- Green Growth and Sustainability: Green initiatives and sustainable development are central to the economic outlook.
Economic Survey (2022-23) Key Highlights
- Post-COVID Recovery: Strong recovery in FY 2022-23, with GDP growth at 7%. Consumption and investment saw significant increases after contraction during the pandemic.
- Agriculture: Moderate growth, with emphasis on reforms for better irrigation, farm productivity, and supply chain improvements.
- Manufacturing/Industries: Strong growth especially in electronics, chemicals, and steel, boosted by policies like the Production-Linked Incentive (PLI) scheme. Shift towards self-reliance and reducing dependence on imports.
- Services: IT and BPO sectors are significant drivers of growth, with increasing global demand for technology and digital services.
- Inflation and Fiscal Deficit: Inflation a concern due to rising global commodity prices (energy), though RBI is maintaining an inflation-targeting framework. Fiscal deficit targeted to 6.4% of GDP, focusing on reduction and expenditure management.
- Infrastructure and Investment: Importance of infrastructure investment for long-term economic growth (National Infrastructure Pipeline and PM Gati Shakti).
- Human Capital: Investment in healthcare, education, and skill development emphasized for inclusive growth.
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Description
Explore the key findings of the Economic Survey of India for 2023-24 and 2022-23. This quiz covers growth projections, economic resilience, sectoral performances in agriculture, industry, and services, and inflation trends. Test your knowledge on India's economic landscape amidst global challenges.
