Economic Survey 2024 Highlights: Real GDP growth seen at 6.5%-7% in FY25, 'inflation largely in control'

Economic Survey 2024 LIVE Update at 3:47 pm: India can ill-afford the economy's over financialisation at its current stage, says survey

Economic Survey 2024 LIVE Update at 3:38 pm: Focus on job creation, R&D investment needed to sustain growth momentum, says CEA

"Tripartite compact needed for sustaining growth momentum. Abandoning short termism, job creation focus, R&D investment, careful deployment of capital and energy intensive technology are needed."

Economic Survey 2024 LIVE Update at 3:32 pm: Trade exposure to Chinese manufacturing inputs has risen, CEA points out

"India's exposure to Chinese manufacturing inputs has risen over time. Our trade deficit with China shows a steep increase in recent times."

Economic Survey 2024 LIVE Update at 3:22 pm: Not pessimistic, but optimistic about growth challenges, says CEA

"We are not pessimistic but optimistic about growth and challenges. We feel 7% is doable, we want to be cautious hence we are projecting a 6.5-7% for FY25. 7% is eminently doable but rainfall, financial risks and global geopolitical environment are important considerations," the CEA explained.

Economic Survey 2024 LIVE Update at 3:12 pm: Business processing jobs could be hit by AI impact, says CEA

"AI apart from high energy intensity, the impact of AI is still not understood. Business process outsourcing jobs can be affected. Small short term impact for India but long term benefit," the CEA said.

Economic Survey 2024 LIVE Update at 3:05 pm: Deregulation can help MSMEs, says CEA

"The government can deregulate to help MSMEs. Threshold-based incentives need sunset clauses. Much action is required at sub-national and local level. -Deregulation is a low hanging fruit. ⁠Indian factories could hire more workers by adopting competitive per-worker space standards. Clue to sustaining growth is in the nuts and bolts of economic deregulation," the CEA said.

Economic Survey 2024 LIVE Update at 2:55 pm: Monsoon season progress not as expected

The Monsoon season, which brings rainfall to most parts of the country, has not progressed as expected, the CEA said. An uneven distribution of rainfall affects the agricultural sector, he added.

Economic Survey 2024 LIVE Update at 2:51 pm: India's external debt to GDP ratio lower than many countries, says CEA

The country has low external debt to gross domestic product (GDP) ration, as compared to other major economies, CEA Nageswaran said. He suggested that even a weak currency would not hurt the country's position.

Economic Survey 2024 LIVE Update at 2:46 pm: Households not distressed, says CEA

Households are not distressed, CEA Nageswaran said, claiming that they are and significantly investing in financial instruments. He pointed towards the stock market, saying that the last four years has seen a foray of retail investors who have opted for SIPs.

Economic Survey 2024 LIVE Update at 2:45 pm: CEA V Anantha Nageswaran begins addressing the press

CEA V Anantha Nageswaran has begun addressing the press to provide a breakdown of the Economic Survey. Stay tuned here for the updates.

Economic Survey 2024 LIVE Update at 2:35 pm: Remittances to India likely grow 3.7% to $124 billion

Remittances to India -- the second largest source of external financing after service exports -- are projected to grow at 3.7 per cent to USD 124 billion in 2024 and at 4 per cent to reach USD 129 billion in 2025, the Economic Survey said. India's primary source of remittances is oil-exporting countries.

Economic Survey 2024 LIVE Update at 2:25 pm: CEA V Anantha Nageswaran to address press shortly

Chief Economic Adviser Anantha Nageswaran, who led the team which prepared the survey, will address the press shortly to highlight its key details.

Economic Survey 2024 LIVE Update at 2:16 pm: Need 78.5 lakh non-farm jobs annually until 2030 to address rising workforce

The Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce, according to the Economic Survey for 2023-24.

Economic Survey 2024 LIVE Update at 2:06 pm: Rising obesity a concern, preventive actions must be taken for healthier lifestyle

Economic Survey 2024 LIVE Update at 2:02 pm: How to download the document?

• After CEA V Anantha Nageswaran's press conference today, the Economic Survey 2023-24 PDF will be available on indiabudget.gov.in.
• Visit the portal, click on the Economic Survey 2023-24 tab
• On the new tab, click on 'Download Economic Survey'.

Economic Survey 2024 LIVE Update at 1:53 pm: Re-orientation of farm policies needed despite subsidies: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran has called for a pan-India dialogue on the agriculture sector, highlighting the need for policy re-orientation despite existing subsidies and support measures.

In the preface to the Economic Survey 2023-24, Nageswaran noted that while the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation. "A case can be made that they (farmers) can be served better with some re-orientation of existing and new policies," the CEA stated.

Economic Survey 2024 LIVE Update at 1:42 pm: Link skill development with production-linked, job-linked sops in high-growth areas, says survey

With only 4.4% of India's young workforce formally skilled, linking skill development with production linked incentive (PLI) and employment-linked incentive schemes in high-growth potential sectors like toy, apparel, tourism, logistics and textiles would aid upgrading of skills as production moves up the value chain, the Economic Survey said.

Economic Survey 2024 LIVE Update at 1:32 pm: Next leg of pharma sector growth necessitates skill advancement, innovation, says survey

The domestic pharmaceutical industry needs skill advancement, innovation and a strong supply chain with the segment size expected to touch $130 billion by 2030, said Economic Survey 2023-24 tabled in Parliament.

The Indian pharmaceutical market is currently valued at around $50 billion and is the world's third-largest by volume. "Pharma industry is expected to reach $130 billion by 2030. The next leg of growth in pharma necessitates skill advancement, the use of innovation and technology, and the establishment of a strong supply chain," the survey said.

Economic Survey 2024 LIVE Update at 1:24 pm: Financial sector outlook appears bright, but needs to brace for vulnerabilities, says survey

The outlook for India's financial sector appears bright, but it needs to brace for likely vulnerabilities, said Economic Survey 2023-24 tabled in Parliament.

The Indian financial sector is at a "turnpike moment", it said, adding that the dominance of banking support to credit is being reduced, and the role of capital markets is rising.

Economic Survey 2024 LIVE Update at 1:17 pm: Capital expenditure on Railways jumped 77% in last 5 years

Economic Survey 2024 LIVE Update at 1:12 pm: Capital markets becoming prominent in India's growth story, says survey

Capital markets are becoming more prominent in India's growth story, with an expanding share in capital formation and investment landscape on the back of technology, innovation and digitisation, according to the Economic Survey.

"The exemplary performance of the Indian stock market compared to the world and emerging markets over the years can be primarily attributed to India’s resilience to global geo-political and economic shocks, its solid and stable domestic macroeconomic outlook, and the strength of the domestic investor base," it added.

Economic Survey 2024 LIVE Update at 1:05 pm: India in better position with relatively low levels of total debt, says survey

Comparing various debt vulnerability indicators of India with peer countries for 2022 indicates that India is in a better position with relatively low levels of total debt as a percentage of Gross National Income (GNI) and short-term external debt as a percentage of total external debt., the Economic Survey said.

Economic Survey 2024 LIVE Update at 12:59 pm: Industrial credit growth at 8.5% in second half of FY24

Industrial credit growth picked up in H2 of FY24, registering 8.5% growth in March 2024, compared to 5.2% a year ago, driven by an increase in bank credit to small and large industries.

Economic Survey 2024 LIVE Update at 12:54 pm: Asset quality of banks improved, GNPA at 12-year low

Asset quality of SCBs has improved, with the gross non-performing assets (GNPA) ratio declining to 2.8% in March 2024, a 12-year low.

The GNPA of public sector banks has dropped from 14.5% in 2016 to 2.8% in FY24.

Economic Survey 2024 LIVE Update at 12:51 pm: Agriculture credit grew 1.5X between FY21 and FY24

Agriculture credit grew 1.5 times, climbing from ₹13.3 lakh crore in FY21 to ₹20.7 lakh crore in FY24.

Economic Survey 2024 LIVE Update at 12:47 pm: Bank credit growth remained resilient at 19.8% in FY24

Bank credit growth has remained resilient at 19.8% in FY24, as against 19% in FY23. "Bank credit growth has sustained momentum during FY24, with broad-based growth across sectors. Credit disbursal by SCBs (scheduled commercial banks) stood at ₹164.3 lakh crore, growing by 20.2% at the end of March 2024, compared to 15% growth at the end of March 2023.

The trend is continuing in FY25, as reflected in a 19% and 19.8% YoY growth in bank credit in April and May 2024, respectively, the survey added.

Economic Survey 2024 LIVE Update at 12:43 pm: Profit before tax of corporate sector grew nearly 4x between FY20 and FY23

"In terms of financial performance, the corporate sector has never had it so good. Results of a sample of over 33,000 companies show that, in the three years between FY20 and FY23, the profit before taxes of the Indian corporate sector nearly quadrupled," the survey said.

Economic Survey 2024 LIVE Update at 12:38 pm: AI casts 'huge pall of uncertainty' on workers across all skill levels, says survey

The advent of Artificial Intelligence casts a "huge pall of uncertainty" as to its impact on workers across all skill levels – low, semi and high. These will create barriers and hurdles to sustained high growth rates for India in the coming years and decades. Overcoming these requires a grand alliance of union and state governments and the private sector, the survey noted.

Economic Survey 2024 LIVE Update at 12:35 pm: 'Big changes are afoot in the geopolitical environment'

"...big changes are afoot in the geopolitical environment. The global backdrop for India’s march towards Viksit Bharat in 2047 could not be more different from what it was during the rise of China between 1980 and 2015," the survey said. Then, globalisation was at the cusp of its long expansion. Geopolitics was largely calm with the end of the Cold War, and Western powers welcomed and even encouraged the rise of China and its integration into the world economy, it added. Concerns over climate change and global warming were not so pervasive or grave then as they are now, the document noted.

Economic Survey 2024 LIVE Update at 12:30 pm: Factory jobs grew by 3.6% between FY14 and FY22

The Annual Survey of Industries has data on workers in nearly 2.0 lakh Indian factories. The total number of factory jobs grew annually by 3.6% between 2013-14 and 2021-22. "Somewhat more satisfyingly, they grew faster at 4.0% in factories employing more than a hundred workers than in smaller factories (those with less than a hundred workers)," the survey read.

Economic Survey 2024 LIVE Update at 12:26 pm: 'Public investment sustained capital formation in last several years'

"Public investment has sustained capital formation in the last several years even as the private sector shed its balance sheet blues and began investing in FY22. Now, it has to receive the baton from the public sector and sustain the investment momentum in the economy. The signs are encouraging," the Economic Survey stated.

Economic Survey 2024 LIVE Update at 12:25 pm: Headline inflation in control, trade deficit edged lower, says survey

The headline inflation rate is largely under control, although the inflation rate of some specific food items is elevated. The trade deficit was lower in FY24 than in FY23, and the current account deficit for the year is around 0.7% of GDP. In fact, the current account registered a surplus in the last quarter of the financial year. Foreign exchange reserves are ample, it said.

Economic Survey 2024 LIVE Update at 12:20 pm: Indian economy on strong footing, says survey

"The Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges. The Indian economy has consolidated its post-Covid recovery with policymakers – fiscal and monetary – ensuring economic and financial stability. Nonetheless, change is the only constant for a country with high growth aspirations. For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate," the survey stated.

Economic Survey 2024 LIVE Update at 12:15 pm: Real GDP forecast higher as compared to last survey

The real GDP growth forecast of 6.5-7% for FY25 is higher as compared to the last Economic Survey, which had predicted the real GDP to grow in the range of 6% to 6.8% in FY24.

Economic Survey 2024 LIVE Update at 12:10 pm: Real GDP growth likely at 6.5%-7%, says survey

The Economic Survey conservatively forecasts the real gross domestic product (GDP) growth in the range of 6.5% to 7% in FY25. The risks are evenly balanced, as per the survey.

The forecast is lower as compared to the Reserve Bank of India's projection of 7.2% GDP growth in fiscal year 2024-25.

Economic Survey 2024 LIVE Update at 12:05 pm: FM Sitharaman tables survey in Parliament

Finance Minister Nirmala Sitharaman has tabled the Economic Survey, which includes a detailed assessment of the state of Indian economy, before the Parliament.

Economic Survey 2024 LIVE Update at 11:30 am: Who prepares the survey?

The survey is prepared by the Chief Economic Adviser (CEA), along with his team at the Department of Economic Affairs (DEA), which falls under the Union Ministry of Finance. The incumbent CEA, V Anantha Nageswaran, has led the preparatons for the Economic Survey 2024.

Economic Survey 2024 LIVE Update at 11:00 am: Parliament Monsoon Session begins

The Monsoon Session of Parliament has commenced. Finance Minister Nirmala Sitharaman will be presenting the Union Budget on tomorrow, at 11 am. However, the Economic Survey will be tabled by her before the Parliament today. According to reports, the survey is expected to be tabled at 1 pm in the Lok Sabha.

Economic Survey 2024 LIVE Update at 10:50 am: India fastest growing major economy, moving ahead with 8% growth, says PM Modi

"It is a matter of great pride for every citizen that India is the fastest growing country among the countries with large economies. In the last 3 years, we are moving ahead with a continuous growth of 8%," Prime Minister Narendra Modi said.

Economic Survey 2024 LIVE Update at 10:25 am: Why Economic Survey remains key to watch

• The Economic Survey focuses on India’s fiscal policy trajectory and examines the evolution of money, banking and capital markets.
• The document provides a guidance on the current fiscal, as it lists the growth prospects and challenges that may prop up.
• Global macro trends, including significant international political and economic developments, also find a mention in the survey.

Economic Survey 2024 LIVE Update at 9:55 am: What does the survey include?

• The Economic Survey is a detailed document that underscores the policy initiatives of the central government over the past year, and highlights the performance of various economic sectors.
• The document also sheds light on the path ahead, and provides an insight into the growth prospects.
• A significant portion of the survey summarises the performance of India's manufacturing and services sectors, and talks about the balance of trade.

Economic Survey 2024 LIVE Update at 9:25 am: CEA Nageswaran to address the press in the afternoon

The key highlights of the survey will be presented before the press by Chief Economic Adviser (CEA) V Anantha Nageswaran, who prepared the document along with his team at the Department of Economic Affairs. He will address a press conference at 2:30 pm.

The Economic Survey 2024 will be presented on Tuesday, July 22, day Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for fiscal year 2024-25.

Seen as a precursor to the Union Budget, the Economic Survey encapsulates the performance of the various sectors of the economy in the preceding fiscal year, and provides a guidance for the coming period.