{"id":3029,"date":"2024-07-22T11:54:26","date_gmt":"2024-07-22T11:54:26","guid":{"rendered":"https:\/\/lakshmishree.com\/news\/?p=3029"},"modified":"2024-07-22T11:56:10","modified_gmt":"2024-07-22T11:56:10","slug":"economic-survey-2023-24-key-highlights-union-budget","status":"publish","type":"post","link":"https:\/\/lakshmishree.com\/news\/economic-survey-2023-24-key-highlights-union-budget\/","title":{"rendered":"Economic Survey 2023-24: Key Highlights (Union Budget)"},"content":{"rendered":"\n<p>The Budget Session of Parliament commenced today with Union Finance Minister Nirmala Sitharaman tabling the Economic Survey of India 2023-24. The voluminous report, including a statistical appendix, was placed in both Houses of Parliament. The Union Budget for 2024-25 will be presented in the Lok Sabha on July 23. This would be the first Budget of the Modi Government in its third term continuously.<\/p>\n\n\n\n<p><strong>Key Highlights of Economic Survey 2023-24:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Global Growth: For 2023, global growth is set to pick up at a 3.2% pace based on both domestic strife and geopolitical turmoil, combined with monetary tightening.<\/li>\n\n\n\n<li>India&#8217;s Performance: FY24 GDP growth of 8.2% indicated strong momentum for the economy, notwithstanding global challenges.<\/li>\n\n\n\n<li>Human Capital Formation: It is to be noted that in FY24, Rs 10.9 lakh crore was raised, comprising 29% of capital formation.<\/li>\n\n\n\n<li>Sector Transformation: The financial sector is dynamic, with potential vulnerabilities demanding flexible policy interventions.<\/li>\n\n\n\n<li>Inflation Trends: The core inflation had come down in FY24, and retail inflation is also on the decline. The Reserve Bank of India has projected a 4.5% inflation rate for FY25.<\/li>\n\n\n\n<li>Inflation Influences: Inflation has been influenced by the pandemic, geopolitical tensions, and disruptions to supply chains.<\/li>\n\n\n\n<li>Trade Balance: Merchandise imports moderated, whereas services exports increased by 4.9% to $341.1 billion.<\/li>\n\n\n\n<li>Debt Sustainability: External debt stands at 18.7% of GDP, with improved logistics performance.<\/li>\n\n\n\n<li>Growth Strategy: Encourage private investment, enhance the growth of MSMEs, increase agricultural yield, finance the green transition, address state capacity issues, and bridge the education-employment gap.<\/li>\n\n\n\n<li>Sustained Growth: The potential for growth exceeding 7% lies with continued structural reforms and collaboration between the government and the private sector.<\/li>\n\n\n\n<li>Renewable Energy: The capacity of installed energy from non-fossil sources accounts for 45.4% of the country&#8217;s total.<\/li>\n\n\n\n<li>Green Bonds: Rs. 36,000 crore was raised in 2023 for emission reduction projects.<\/li>\n\n\n\n<li>Welfare Reforms: The Ayushman Bharat scheme has so far produced 34.7 crore cards for 7.37 crore hospital admissions, saving over Rs 1.25 lakh crore in out-of-pocket expenses.<\/li>\n\n\n\n<li>Labor Market: The unemployment rate stands at 3.2%, while the net additions to EPFO payroll have doubled over five years.<\/li>\n\n\n\n<li>Sector Growth: The growth in the livestock sector registered a 7.38% CAGR, whereas the fisheries sector grew at an 8.9% CAGR.<\/li>\n\n\n\n<li>Tech Adoption: Initiatives like the Digital Agriculture Mission and e-NAM are enabling smart agriculture technologies.<\/li>\n\n\n\n<li>Industrial Growth: Industrial growth crossed 9.5% in FY24, with major improvements in manufacturing, construction, and mining.<\/li>\n\n\n\n<li>Coal Production: A record 997.2 million tonnes of coal were produced, reducing import dependence.<\/li>\n<\/ul>\n\n\n\n<p>The current Economic Survey of India is an ode to the country&#8217;s economic successes and paves the way for the upcoming Union Budget, which will highlight the government&#8217;s commitment to achieving sustainable growth and development across various sectors.<\/p>\n\n\n\n<p><em>Do you have a news tip for Lakshmishree reporters? Please email us at&nbsp;<a href=\"mailto:media@lakshmishree.com\" target=\"_blank\" rel=\"noreferrer noopener\">media@lakshmishree.com<\/a><\/em><\/p>\n\n\n\n<p><sub><sup>Source: <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/economy\/economic-survey-2023-24-here-are-the-key-highlights-12774621.html\" data-type=\"link\" data-id=\"https:\/\/www.moneycontrol.com\/news\/business\/economy\/economic-survey-2023-24-here-are-the-key-highlights-12774621.html\" target=\"_blank\" rel=\"noopener\">Money control<\/a><\/sup><\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Budget Session of Parliament commenced today with Union Finance Minister Nirmala Sitharaman tabling the Economic Survey of India 2023-24. The voluminous report, including a statistical appendix, was placed in both Houses of Parliament. The Union Budget for 2024-25 will be presented in the Lok Sabha on July 23. This would be the first Budget [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[51],"tags":[116,117],"class_list":["post-3029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-news","tag-economic-survey","tag-union-budget-2024"],"_links":{"self":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/3029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/comments?post=3029"}],"version-history":[{"count":4,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/3029\/revisions"}],"predecessor-version":[{"id":3034,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/3029\/revisions\/3034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media\/3032"}],"wp:attachment":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media?parent=3029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/categories?post=3029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/tags?post=3029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}