Key highlights of Economic Survey 2023 – 24

The key points of Economic Survey 2023-24 are:

1. The Economic survey concluded that global economic growth in 2023 was better than expectations.
2. Global GDP in 2023 grew by 3.2%.
3. This was lower than the 3.5% growth registered in 2022.
4. GDP of developed economies grew by 1.6% in 2023.
5. This was lower than the 2.6% GDP growth registered in 2022.
6. GDP of emerging market and developing economies grew by 4.3% in 2023.
7. This was higher than the 4.1% GDP growth registered in 2022.
8. Average global inflation came down to 6.8% in 2023 from 8.7% in 2022.
9. Global trade contracted in 2023.
10. Growth in volume of global trade in 2023 stood at minus 0.4%.
11. Growth in volume of trade in both goods and services, in 2023, stood at 0.5%.
12. Exports made up 21.9% of India’s GDP in 2023.
13. Investment made up 30.8% of India’s GDP in 2023.
14. Private consumption made up 60.3% of India’s GDP in 2023.
15. Capital expenditure by private sector grew by 19.8% in FY 24.
16. Capital expenditure by government grew year-on-year by 22.9% in FY 24.
17. Investment by households in physical assets increased to 12.9% of GDP from 10.8% of GDP in FY 21.
18. Out of total expenditure by the central government in FY 24, 21% was capital expenditure. 79% was revenue expenditure.
19. This was an improvement from FY 21, when just 12% of the total expenditure of the government was capital expenditure.
20. Revenue deficit as a percent of total deficit came down to 46.3% in FY 24.
21. The Economic Survey concluded that India was a high growth, low inflation economy in FY 24.
22. 7 crore toilets were built in FY 24 under Swachh Bharat Mission.
23. 6 crore new tap water connections were given in the year.
24. 3 crore new gas connections were given under PM Ujjwala Yojana.
25. 9 crore hospital admissions in the year, under Ayushman Bharat scheme.
26. 6 crore pucca houses built under PM Awas Yojana.
27. Gross value of loans given by banks in FY 24 stood at Rs 164.3 lakh crore.
28. This was up from Rs 136.8 lakh crore of gross loans given in FY 23.
29. 13,116.5 crore UPI transactions took place in FY 24.
30. The total value of these UPI transactions stood at Rs 199.9 lakh crores.
31. Loans given by microfinance institutions in FY 23 went up sharply to Rs 1.8 lakh crore from Rs 1.1 lakh crore in FY 22.
32. India’s market capitalization to GDP ratio increased from 77% in FY 19 to 124% in FY 24.
33. Assets under Management of mutual funds increased by Rs 14 lakh crore to Rs 53.4 lakh crore at the end of FY 24.
34. Annual net Systematic Investment Plan (SIP) inflows increased from Rs 0.96 lakh crore in FY21 to Rs 2 lakh crore in FY 24.
35. Average food inflation in FY 24 stood at 7.5%.
36. Import duty on pulses and edible oil was reduced in FY 24 to bring down inflation.
37. India’s services exports in FY 24 stood at $341 billion.
38. India’s share in global services exports in 2023 stood at 4.3%.
39. India’s rank in World Bank Logistics Performance Index improved from 44^th in 2018 to 38^th in 2023.
40. Foreign Portfolio Investment (FPI) inflows in FY 24 stood at $44.1 billion.
41. This was the highest level of FPI inflows after FY 15.
42. The Economic Survey recommended that private sector investment should be given a boost so that it comes to 35% of GDP.
43. India’s MSME sector can be strengthened through deregulation at the level of state governments and local governments.
44. Agriculture sector should be made more market-driven.
45. Green financing should increase.
46. Skill-gap challenge should be addressed.
47. Corporate bond market should be deepened.
48. 03 Gigawatt solar power capacity was added in FY 24.
49. Labor force participation rate in India in 2022-23 stood at 57.9%.
50. Worker population ratio stood at 56%.
51. Compound Annual Growth Rate (CAGR) of factories having more than 100 workers stood at 11.8% for the period between 2017-18 and 2021-22.
52. Indian economy needs to create an average of 78.5 lakh jobs annually, in the non-farm sector, till the year 2030.
53. Per capita availability of meat, eggs and milk increased due to growth in the livestock sector.
54. Compounded Annual Growth rate of fisheries sector at 8.9%.
55. Higher coal production has reduced import of coal.
56. India was net exporter of finished steel in 4 out of the previous 5 years.
57. Until May 2024, more than Rs 1.28 lakh crores had been invested in Production Linked Incentive (PLI) scheme.
58. Over 13,000 recognized startups in AI, robotics, IoT and nanotechnology by the end of FY 24.
59. Gross value added (GVA) of services sector in total GVA stood at 54.7% in FY 24.
60. New terminal buildings at 21 airports were constructed in FY 24.
61. Target to generate 50% of India’s electricity needs from renewable energy sources by the year 2030.
62. 25.80 lakh hectare of additional irrigation area created between 2016 -24.

Data source: https://www.indiabudget.gov.in/economicsurvey/doc/Infographics%20English.pdf