Economic Survey of India FY 2023-24

Study Notes

India's real GDP grew by 8.2% in FY 2023-24, exceeding the 8% mark in three out of four quarters of FY 2023-24.
FY 2024-25 GDP growth is expected to be between 6.5% and 7%.
India's per capita income has grown more than 7 times since 1990.
India's Per Capita Income is expected to reach Rs.14.9 Lakh by 2047.
The gross non-performing assets (GNPA) ratio reached a 12-year low of 2.8% at the end of March 2024.
The GNPA ratio of the agriculture sector remains high at 6.5% at the end of March 2024, but it has recorded persistent improvement during H2 of FY 2023-24.

The government aims to boost private sector investment to 35% of GDP through a conducive policy and regulatory environment.
Plans to strengthen the MSME sector through deregulation, sector-specific skilling of MSME entrepreneurs and developing an export strategy.
The government will focus on removing growth impediments in the agricultural sector and allowing markets to function in the interest of the farmers.
There will be a secure financing framework for the green transition.

The Digital Public Infrastructure (DPI) for Agriculture will be implemented for coverage of farmers and their lands within 3 years.
10,000 need-based bio-input resource centers will be established for natural farming.

Three schemes for "Employment Linked Incentive" will be implemented focusing on first-time employees, job creation in manufacturing, and support for employers.
A new, centrally sponsored scheme for skilling under Prime Minister's Package for 20 lakh youth over a 5-year period will be implemented.
The Model Skill Loan Scheme will be revised to facilitate loans up to Rs. 7.5 lakh.
Financial support for loans up to Rs. 10 lakh for higher education in domestic institutions will be provided to youth not eligible under any government support schemes.
The Mudra loan limit under the "Tarun" category is enhanced to Rs. 20 lakh from Rs. 10 lakh for those who have successfully repaid previous loans.

The Reserve Bank of India (RBI) projects Consumer Price Index (CPI) Inflation at 4.5%., and GDP growth at 7% for FY 2024-2025.
The World Bank and IMF have revised India's FY25 GDP growth forecast to 7%.

Banks are required to immediately report incidents of fraud to law enforcement agencies (LEAs), subject to applicable laws.
For frauds involving ₹1 crore and above, banks are required to report the matter to the Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs, in addition to State/UT Police.
Private Sector banks and foreign banks with fraud involving below ₹1 crore must report to the State / Union Territory (UT) Police.