Economic Survey 2024 PDF Free Download

Economic Survey 2024 PDF Download Info

A New Fiscal Year Began In April. We Knew In May That The Actual Growth Rate Of The Indian Economy In Fy24 Would Be 8.2%. A New Administration Came To Power In June. With A Historic Mandate For A Third Term In Office, Prime Minister Narendra Modi’s National Democratic Alliance Administration Took Back Control. His Historic Third Public Mandate Heralds Further Political And Policy Developments.

Economic Survey 2024 PDF Free Download

The Economy Of India Is Doing Quite Well With Firm Underpinnings. It Has Braved The Geopolitical Shock. Further, The Reserve And Fiscal Authority Dedicated To Holding Ground In Monetary And Fiscal Stability Strengthened The Rebound Of India Post-covid.

That Said, Change Alone Will Remain A Constant In Such A Nation With An Aspiration For Rapid Expansion. Indeed, It Is Only Through Considerable Domestic Work That This Recovery Can Be Lasting Because At The Present Time, At Least There Is Great Difficulty In Coming To Consensus On Vital, Including Global Problems Like Trade, Investment, And Climate Change.

Strong Growth In Fy24 Followed Growth Rates Of 9.7 Percent And 7.0 Percent In The Preceding Two Fiscal Years. Though The Inflation Rate Of Some Specific Food Items Is A Bit Too High, On The Whole, The Inflation Is Mostly Within Control. The Current Account Deficit Is Only About 0.7 Percent Of Gdp For The Current Year, While The Trade Deficit In Fy24 Was Less Than That In Fy23.

Actually, The Last Quarter Of The Fiscal Year Showed A Surplus On The Current Account. Foreign Exchange Reserves Are Quite Massive.

Actually, Public Investment Has Kept Capital Creation Going For The Past Few Years, Though The Private Sector Began Investing In Fy22 After Its Brush With Financial Duress. It Now Needs To Fill In For The Public Sector And Keep The Economy’s Investment Momentum Going. The Signs Are Positive.

Indeed, According To The Statistics Of National Income, There Was Substantial Expansion In Capital Creation By The Non-financial Private Sector In Fy22 And Fy23, Assessed In Current Prices, After A Fall In Fy21. Be That As It May;

Investment In Machinery And Equipment Fell In Fy20 And Fy21 Before A Sharp Recovery. According To Provisional Statistics On The Corporate Sector For Fy24, The Capital Creation Of The Private Sector Is Still Growing But At A Slow Pace.

It Will Take Work To Hold Foreign Investors’ Attention.

Foreign Direct Investment, Which Has Been The Subject Of Extensive Research, Has Held Up. Indeed, Rbi Data On India’s Balance Of Payments Shows Foreign Investors’ Interest In Investing Was Usd45.8 Billion In Fy24 Versus Usd47.6 Billion In Fy23, If One Looks At Dollar Inflows Of New Capital. This Slight Decline Accords With Global Trends.

The Same Was Reinvested In Earnings. Repatriation Of Investment Was Usd44.5 Bln In Fy24 And Usd29.3 Bln In Fy23. Profitable Exit A Few Private Equity Investors Rode On Their Successful Exits From India’s Booming Equities Markets.

It Is A Sound Market Climate That Gives Investors Successful Exits And Will Attract Fresh Investments In The Years To Come. However, There Are Several Reasons Why The Climate Is Not So Conducive For Foreign Direct Investment To Rise Over The Coming Years.

Interest Rates Of The Developed Countries Are Significantly Higher Now Than They Were During And Before The Covid-19 Pandemic. This Means A Greater Opportunity Cost To Invest Abroad In Addition To A Higher Cost Of Finance.

Whereas On Their Second Count, Developing Nations Are Bedeviled With The Aggressive Industrial Strategies In The Industrialized Countries, Characterized By Huge Subsidies That Foster Domestic Investment.

Thirdly, Despite The Fact That Remarkable Improvements Have Been Made In The Last Decade, Ambiguities, Disagreed Opinions Characterized The Transfer Pricing, Taxes, Import Levies And Non-tax Policies. Last But Not Least, Despite Other Incentives To Invest In India, Rising Geopolitical Risks Will Likely Play A Greater Role In Determining Capital Flows.

Employers Have Been Affected By Shocks Rather Than Through Structural Channels.

The Periodic Labour Force Survey Provides Statistics Of Jobs Growth On A Quarterly Basis For The Urban Employment Indicators And On A Yearly Basis For The Entire Nation Of India, Inclusive Of Rural Areas.

Part Of The Reason Behind The Rise In Agricultural Employment In Rural India Is Reverse Migration And Women Entering The Workforce. The Annual Survey Of Industries Provides Data On Workers In About Two Million Indian Industries. Between 2013–14 And 2021–22, Total Industrial Employment Rose At An Annual Rate Of 3.6%.

More Satisfactorily, They Expanded At A Faster Rate Of 4.0% In Factories With Over 100 Employees Compared To Smaller Firms. For The Latter Group Of Factories, The Annual Growth Rate Was 1.2%. During This Time, The Number Of Workers Employed In Indian Manufacturing Increased From 1.04 Crore To 1.36 Crore.

Until Now, India Does Not Have An Comparable Annual Survey Of Services. Absence Of Timely Data On The Total Number Of Jobs Created—formal And Informal—across Various Sectors Like Manufacturing, Services, And Agriculture, Even At Annual Frequencies, Let Alone More Frequently, Makes Any Objective Assessment Of The State Of The Labour Market In The Country Extremely Difficult.

Comparing The Results Of Nss 73rd Round Of “Key Indicators Of Unincorporated Non-agricultural Enterprises (Excluding Construction) In India” With Annual Survey Of Unincorporated Enterprises For 2022–2023, It Can Be Seen That The Total Employment In The Enterprises Has Fallen From 11.1 Crore In 2015–16 To 10.96 Crores.

A Net 16.45 Lakh Fewer Were Working In Proprietorships In These Two Periods, Though The Blink Number Has Fallen By 54 Lakh On Account Of Lost Manufacturing Jobs To The Growth In The Workforce Of The Commerce And Services Sectors.

This Comparison Hides The Sharp Jump In Manufacturing Employment That Seems To Have Happened Between 2022–2023 — October 2022 To September 2023 — And 2021–2022 April 2021 To March 2022.

Two Severe Economic Shocks Hit India In Quick Time. One Was High Levels Of Corporate Debt And Bad Loans In The Banking Sector. To Put It Under Control, The Current Government’s First Term And Beyond Were Required.

The Initial Shock Was Swiftly Followed By The Second, The Covid Pandemic. Thus, It Would Be Difficult To Conclude That There Are Inherent Flaws In The Ability Of The Indian Economy To Create Jobs. But The Task Remains Unfinished As One Looks Forward.

Big Changes In The Geopolitical Landscape Come Between This Survey And The Last One, Which Was Released In January 2023. The World Environment That Would Support India’s March Toward Viksit Bharat In 2047 Is Going To Be Considerably Different From That Of China’s Rise Between 1980 And 2015.

Globalization Then Was On The Verge Of A Protracted Growth. With The Cold War Over, Geopolitics Was Largely Benign, And The Rise Of China And Its Integration Into The World Economy Was Welcomed By Western Countries—indeed, Even Cheered On.

Concerns About Global Warming And Climate Change Were Also Far Less Wide And Acute Than They Are Now. Finally, There Is Enormous Uncertainty How Artificial Intelligence Will Impact Workers At All Levels Of Skill—low, Medium, And High.

They Will Raise A Number Of Barriers And Challenges To India’s Capability To Sustain High Growth Rates In The Coming Years And Decades. Broad Coalition Among The Federal, State, And Private Sectors Is Required To Surmount This.