Economics Survey 2023-24 has been released on 22nd July 2024. The economic survey report also gives a snapshot of the current condition of the Indian economy.  It looks back at what happened in the Indian economy during the last 12 months and also gives an idea of how the economy will do in the current year. 

Economic Survey 2024

The Economic Survey of the Financial Year 2023-24 was presented by the Union Finance Minister, Nirmala Sitaraman, on 22nd July 2024. 

Highlights of the Economic Survey 2024

• India’s real GDP grew by 8.2 per cent in FY24, exceeding the 8 per cent mark in three out of four quarters of  FY24. FY 25 GDP growth is seen at 6.5 to 7% with the risks to FY 25 GDP growth evenly balanced. 
• Gross Fixed Capital Formation increased by 9 per cent in real terms in 2023-24. This is due to the Government’s investment in Capital Expenditure and a steady pace of Private Investment.
• Retail inflation declined to 5.4 per cent in FY24. This is because the Inflationary pressures caused by global issues, supply chain disruptions and monsoons have been cleverly contained through administrative and monetary policy initiatives.
• The financial state of the public finances has improved despite gradually increasing public investments. Tax rules driven by procedural reforms, cost containment, and digitization have helped India achieve that delicate balance. Subdued global demand for goods has pressured the external balance, but strong services exports largely counterbalanced this. As a result, CAD stood at 0.7 per cent of the GDP during FY24, an improvement from the deficit of 2.0 per cent of GDP in FY23.