Economic Survey of India 2023-24 Overview

A policy that uses government spending and taxes to influence the economy.

A policy that uses interest rates and money supply to manage the economy.

Changes to laws and regulations that improve the long-term functioning of the economy.

Economic growth that prioritizes environmental sustainability.

Using technology to improve economic processes and create new opportunities.

The Indian economy recovered strongly in the fiscal year 2022-23, with a GDP growth rate of 7.0%. This rebound was driven by government initiatives, including stimulus measures and reforms.

Domestic consumption, a significant contributor to India's GDP, and private investment witnessed a notable increase. This upswing was fueled by government interventions and policy reforms.

The agricultural sector experienced moderate growth, and the government has implemented reforms to improve irrigation, farm productivity, and supply chain efficiency.

The manufacturing sector showed promise, particularly in areas like electronics, chemicals, and steel. Government policies like the Production Linked Incentive (PLI) scheme have contributed to this growth.

Reforms are needed to ensure more employment opportunities, especially for young people and women. Addressing challenges like informal employment is also crucial.

The focus is on promoting green technologies, clean energy initiatives, and sustainable development. This includes reducing carbon emissions and protecting the environment.

India has an increasing global role in economic governance, participating in initiatives like the G20 and advocating for international trade reforms.

A type of economic activity that includes things like healthcare, education, and finance. It plays a crucial role in a country's economic growth and is often driven by technology advancements and global demand.

A crucial component of the services sector in India. It involves designing, developing, and implementing software solutions and other technology services for clients worldwide.

A subset of the services sector, where companies provide administrative, technical, and other support services to clients, often from a different country.

A measure of the general increase in the prices of goods and services over a period of time.

The difference between a government's total spending and its total revenue. It's a measure of how much a government borrows to finance its operations.

The Indian central bank responsible for managing the country's monetary policy, including setting interest rates and controlling inflation.

A government plan to invest in crucial infrastructure projects across the country, aiming to improve connectivity and boost economic growth.

A focused program by the Indian government to improve the quality of human resources through investments in healthcare, education, and skill development.

The Economic Survey of India is a crucial annual document released by the Ministry of Finance. It assesses India's economic performance, pinpoints challenges, and provides an economic outlook for the coming year. It serves as a guide for policymakers, economists and businesses.

The Economic Survey projects India's GDP growth rate for FY 2023-24 to be between 6.0% and 6.8%. This prediction comes despite global challenges like high inflation and geopolitical tensions.

India's economy has shown resilience in the face of global uncertainties. Despite challenges, the country is among the fastest-growing major economies, benefiting from factors like robust domestic consumption, improved investment climate, and an expansion in exports.

The agricultural sector saw moderate growth but faced challenges like climate change, water scarcity and labor shortages. The government emphasizes digitization and modernization in agriculture.

The manufacturing sector experienced strong growth, fueled by initiatives like 'Atmanirbhar Bharat' (Self-reliant India) and 'Make in India'. These initiatives boost domestic production and supply chains.

Services, specifically IT and financial services, contribute significantly to GDP growth. India is strengthening its position in the global market for digital services and outsourcing.

India's inflation is under control, with the consumer price index (CPI) inflation within the target range set by the Reserve Bank of India (RBI). However, food inflation remains a concern.

The RBI has adopted a cautious monetary stance, keeping interest rates high to control inflation without hindering economic growth. Targeted fiscal policies remain a focus.