Economic Survey 2024: Key Highlights
GDP and Economic Growth:
* India’s GDP is estimated to have grown by 8.5% in FY2024, exceeding pre-pandemic levels.
* Strong recovery in manufacturing, services, and agriculture sectors contributed to economic expansion.
Inflation:
* Consumer Price Inflation (CPI) moderated to 4.5%, within the Reserve Bank of India’s target range.
* Wholesale Price Inflation (WPI) also remained subdued, indicating easing price pressures.
Employment:
* Unemployment rate fell to 6.7%, the lowest level since 2016-17.
* Job creation was particularly strong in the construction, manufacturing, and hospitality sectors.
Fiscal Deficit:
* The fiscal deficit is estimated to have declined to 5.9% of GDP, indicating progress towards fiscal consolidation.
* The government prioritized infrastructure spending and social welfare programs.
Agriculture and Food Security:
* India achieved record-breaking food grain production in FY2024.
* Government initiatives such as the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) boosted agricultural productivity and farm income.
Manufacturing:
* The manufacturing sector grew at a robust pace, supported by Make in India initiatives.
* Domestic production of electronics, automobiles, and pharmaceuticals increased significantly.
Services:
* The services sector remained the dominant contributor to India’s GDP.
* Strong growth was recorded in sectors such as tourism, hospitality, and information technology.
Infrastructure Development:
* The government continued to invest heavily in infrastructure projects.
* Initiatives like the Bharatmala Pariyojana and Sagarmala project improved connectivity and logistics.
Social Welfare:
* The government launched several social welfare programs, including the Ayushman Bharat scheme for healthcare and the Pradhan Mantri Jan Dhan Yojana for financial inclusion.
* These initiatives expanded access to essential services for the underprivileged.
