General Knowledge Articles

Economic Survey 2023-2024 Part - 02

August 2 , 2024 3 hrs 0 min 53 0

(இதன் தமிழ் வடிவத்திற்கு இங்கே சொடுக்கவும்)

Highlights of economic survey 2023-2024

Sectoral Contributions to GVA
Shares of agriculture, industry, and services sectors in overall GVA at current prices in FY24 were 17.7 percent, 27.6 percent, and 54.7 percent respectively.
Sectoral Growth
Manufacturing sector grows by 9.9 percent in FY24; construction activities also register a growth of 9.9 percent.
Investments and Capital Formation
Gross fixed capital formation (GFCF) from private non-financial corporations increases by 19.8 percent in FY23, acts as an important driver of growth.
Real Estate
With 4.1 lakh residential units sold in the top eight cities, in 2023 real estate witnesses 33 percent y-o-y growth, highest since 2013.
Fiscal Performance
Fiscal deficit of union government down from 6.4 percent of GDP in FY23 to 5.6 percent in FY24.
Quality of spending by state governments improves as gross fiscal deficit was 8.6 percent lower than budgeted figure of ₹9.1 lakh crore.
Capital Expenditure
Capital expenditure for FY24 stands at ₹9.5 lakh crore marking an increase of 28.2 percent on year over year basis, and 2.8 times the level of FY20.
Banking Sector
Gross non-performing assets (GNPA) ratio declines to 2.8 percent in March 2024, a 12-year low marking improvement in asset quality of banks.
Trade and Foreign Exchange
India's exports of services reach a new high of USD 341.1 billion in FY24.
Forex reserves as of end of March 2024 are sufficient to cover 11 months of projected imports.

Social Welfare
₹36.9 lakh crore transferred via direct benefit transfer since its inception in 2013.
Female labour force participation rate grows from 23.3 percent in 2017-18 to 37 percent in 2022-23, mainly due to rising participation of rural women.

Skilling and Employment

Pradhan Mantri Kaushal Vikas Yojana 4.0 (PMKVY)
This scheme trained over 1.43 crore individuals, with increased on-the-job training and new courses in emerging sectors.
Skill India Digital Platform: Launched in 2023.
This platform provides Integrated multiple skilling and employment services with over 60 lakh learners registered.

National Apprenticeship Promotion Scheme: Engaged 26.6 lakh apprentices (as of Sep 2023).

Craftsmen Training Scheme: Trained 1.1 crore persons at ITIs between 2014-22.
Entrepreneurship Training: Provided to 2 lakh beneficiaries between April 2018 and March 2023.

Entrepreneurship and Financial Inclusion

Pradhan Mantri Mudra Yojana (PMMY)
This scheme offers collateral-free loans up to ₹10 lakh to micro/small businesses, with 47.7 crore loans sanctioned by March 2024.

Jan Shikshan Sansthan (JSS) scheme
This scheme provided skill training to 26.37 lakh individuals, focusing on non-literate and rudimentary-educated people.
National Apprenticeship Promotion Scheme (NAPS)
In this scheme, it had engaged 32.38 lakh apprentices and increased women’s participation to 20.77% by 2024.

Entrepreneurship Training
NIESBUD and IIE provided training to over 4.64 lakh beneficiaries, supporting projects like Pradhan Mantri Van Dhan Yojana.

Digital and International Initiatives

Industry Partnerships
NSDC projects and industry collaborations trained over 21.5 lakh individuals, including partnerships with leading IT companies.
PM Vishwakarma Scheme
Launched in September 2023 to support traditional artisans with skill training, credit, and marketing assistance, benefiting 4.37 lakh candidates by May 2024.

Basic Amenities

Swachh Bharat Mission (Grameen): 11 crore toilets and 2.3 lakh community toilet complexes constructed (as of Jan 2024).

Jal Jeevan Mission: 10.8 crore households provided with tap water connections (as of Jan 2024).

PM-AWAS (Urban and Gramin): 79 lakh and 2.5 crore houses constructed respectively over the last nine years.

PM Ujjwala Yojana: 10 crore LPG connections provided since 2016.

Saubhagya Scheme: 21.4 crore rural households electrified (as of Mar 2019).

Common Service Centres: 4.5 lakh set up in rural areas (as of Nov 2023).

Social Security

PM Jan Dhan Yojana: 51.4 crore accounts opened (as of Jan 2024).

PM Jeevan Jyoti Yojana and PM Suraksha Beema Yojana: 18.5 crore and 41 crore enrolments respectively PM Jeevan Jyoti Yojana and PM Suraksha Beema Yojana (as of Nov 2023).

Atal Pension Yojana: Total subscribers risen to 6.1 crore (as of Dec 2023), up from 20.7 lakh in FY15.

PM Shram Yogi Maandhan Yojana: In this scheme 49.7 lakh unorganised workers enrolled (as of Dec 2023).

Response to COVID-19

India's response to the COVID-19 crisis was calibrated to address the specific needs of vulnerable sections, ensuring food security, credit for street vendors, and employment for returnee migrants.

External Sector Performance

Trade Openness: Increased significantly, contributing to economic growth through efficient resource allocation.
Services Exports: India's share of global services exports rose to 4% in FY 2022-23, making it the seventh-largest services exporting country globally.
Current Account Deficit: Narrowed to USD 23.2 billion (0.7% of GDP) in FY 2023-24 from USD 67 billion (2% of GDP) in the previous year.

Climate Change and Energy Transition

Solar Power Capacity: Increased by 15.03 GW, reaching a cumulative total of 82.64 GW by April 2024.
Carbon Credit Trading Scheme: Launched to promote a low-carbon economy, with significant progress made in non-fossil fuel energy sources.

Social Sector Developments

Corporate Social Responsibility (CSR): CSR spending has increased, with yearly spending exceeding ₹25,000 crore over the past three years.
Higher Education: Total enrolment rose to nearly 4.33 crore in FY 2021-22, with significant increases in female enrolment.

Labour Codes and Social Security

Social security benefits now extended to gig and platform workers.
Simplified definition of inter-state migrant labour.
PM Street Vendor’s Aatma Nirbhar Nidhi (PM SVANidhi) Scheme
Launched in June 2020, providing collateral-free loans to street vendors, benefitting over 64 lakh individuals.
82.3 lakh loans sanctioned to over 58 lakh street vendors.

One Nation One Ration Card Programme
Launched in 2019, enabling portable food security across India with over 124 crore transactions by December 2023.

Prime Minister’s Employment Generation Programme (PMEGP)
Supports entrepreneurs in setting up new non-farm sector units, generating employment for 37.46 lakh people from 2018-2024.

Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM)
Reduces poverty and vulnerability of urban poor by providing self-employment and skilled wage employment opportunities to 5.48 lakh candidates from 2018-2024.

Stand Up India
2.1 lakh loans sanctioned, with 84% to women entrepreneurs.
Provides loans of ₹10 lakh to ₹1 crore to SC/ST and women entrepreneurs, with loans worth ₹51,724 crore sanctioned to 2.29 lakh accounts by May 2024.

Start Up India
Increased the number of DPIIT-recognised startups from over 300 in 2016 to 1,17,254 by December 2023, creating over 12.42 lakh jobs.

Flagship Programs
Various programs like Make in India, Digital India, Smart City Mission, and others are aimed at generating employment.

Industry: Small and Medium Enterprises (SMEs)

SMEs accounted for 35.4% of manufacturing output in FY 2021-22.
Udyam Registration Portal (URP): 4.69 crore MSMEs registered by July 2024.

Service Sector Performance

Contributed about 55% to the economy in FY 2023-24, with a strong recovery in services exports post-pandemic.

Infrastructure Sector Development

Enhancing Road Connectivity
Toll Digitisation
Reduced waiting time at toll plazas from 734 seconds to 47 seconds using Automatic Number Plate Recognition and Global Navigation Satellite System.
Wayside Amenities (WSAs)
900 planned; 322 awarded, 50 operational, and 162 awarded in FY24.
NH Maintenance Policy
37,500 km of NH network under maintenance contracts, with long-term contracts on developed stretches.
Sustainable Construction
Use of sustainable materials and high-tech machinery for highway development, such as using 13.79 lakh tonnes of inert material from landfill sites.
Parvatmala Pariyojana
Six ropeway projects awarded to enhance last-mile religious and tourist connectivity.
Development of Rural Roads - Pradhan Mantri Gram Sadak Yojana (PMGSY)
PMGSY-I: Launched in 2000 to provide all-weather road connectivity to unconnected rural habitations.
PMGSY-II: Launched in 2013 to upgrade 50,000 km of major rural links.
PMGSY-III: Launched in 2019 for consolidating 1,25,000 km of routes connecting habitations to markets, schools, and hospitals.

Development of Industrial Corridors

National Industrial Corridor Programme
Developing 11 industrial corridors, including Delhi-Mumbai and Chennai-Bengaluru corridors, for multi-modal connectivity and future-ready cities.

Land Allotment
308 plots (1,789 acres) allotted, with 2,104 acres of developed industrial land and 2,250 acres of commercial/residential land ready for allotment by March 2024.

Railway Enhancement Initiatives

Amrit Bharat Station Scheme: Launched in August 2023 to continuously develop 1,324 stations by improving amenities, building improvements, multimodal integration, and sustainability.

Mumbai-Ahmedabad High Speed Rail Project: A 508 km project in cooperation with Japan, with 41.7% physical progress and ₹59,291 crore expenditure by March 31, 2024.
Gati Shakti Multi-Modal Cargo Terminal (GCT): 77 GCTs commissioned, with approval for 186 more on non-railway land as of March 31, 2024.

Electrification Programme: Extended the electrified network to 63,456 km (96.4%), averaging 5,594 km per year from 2019-24.

Ports Initiatives

Major Port Authorities Act, 2021: Enhances port efficiency through decentralization and PPP models.
'Harit Sagar' Guidelines: Promote green ports, with four major ports already generating more renewable energy than their demand.
'Sagar Aankalan' Benchmarking: Released in February 2024 to benchmark Indian port performance.
National Maritime Heritage Complex: Showcases India's maritime history at Lothal.
Vadhavan Port Project: Approved ₹76,220 crore project for an all-weather greenfield deep draft port in Maharashtra, adding 298 million metric tonnes of capacity annually.

Revamped Distribution Sector Scheme (RDSS)

Objective: Improve operational efficiencies and financial sustainability of distribution companies with result-linked financial assistance.
Outlay: ₹3.04 lakh crore from FY22 to FY26, with ₹0.98 lakh crore as government support.
Goals: Reduce technical and commercial losses to 12-15% by FY25 and close the cost-revenue gap.