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Economic Survey 2023-24
July 25 , 2024
123 days
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- The Economic Survey is a comprehensive review or annual report of Indian economy during the closed financial year.
- India’s GDP is likely to grow at 6.5 to 7 per cent in the current fiscal year amid global challenges which may impact exports.
- The growth projected for 2024-25 is lower than the economic growth rate of 8.2 per cent estimated for the previous financial year.
- The fiscal deficit has been brought down from 6.4 per cent of GDP in FY23 to 5.6 per cent of GDP in FY24.
- The capital expenditure for FY24 stood at ₹9.5 lakh crore, an increase of 28.2 per cent on a YoY basis, and was 2.8 times the level of FY20.
- Effective capital expenditure grew to 4.2% of the GDP at ₹12.5 lakh crores in FY ‘24, from 3.9% of the GDP (or ₹10.5 lakh crores) in FY ‘23.
- External debt as a ratio to GDP stood at 18.7 per cent as of end-March 2024.
- The ratio of foreign exchange reserves to total debt stood at 97.4 per cent as of March 2024 as per the Economic Survey 2023- 24.
- Remittances to India are projected to grow at 3.7% to $124 billion in 2024 and at 4% to reach $129 billion in 2025.
- Food inflation based on the Consumer Food Price Index (CFPI) increased from 3.8% in FY22 to 6.6% in FY23 and further to 7.5% in FY24.
- In 2022-23, foodgrain production hit an all-time high of 329.7 million tonnes.
- In 2023-24, food grain production is slightly lower at 328.8 million tonnes.
- The inflation rate was less than 6 per cent in 29 out of the 36 States and Union Territories.
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