Economy

Economic Survey 2024-25: Highlights

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 in Parliament on Monday. According to this survey the Indian economy continues to expand, demonstrating resilience amid geopolitical challenges. Here are the highlights from the survey:

Growth Projection: GDP growth is projected at 6.5–7 percent for FY25, in line with estimates from global agencies such as the IMF but slightly lower than the RBI’s forecast of 7.2 percent.

Job Creation: India needs to generate approximately 7.85 million jobs annually in the non-farm sector until 2030 to accommodate its growing workforce.

Inflation Management: Retail inflation decreased to 5.4 percent in FY24, down from 6.7 percent in FY23, due to effective policy responses amidst both global and domestic challenges.

Foreign Direct Investment (FDI): FDI remained resilient, despite a slight decline in new capital inflows to USD 45.8 billion in FY24 from USD 47.6 billion in FY23, reflecting broader global economic trends.

Sectoral Growth: The services sector grew by 7.6 percent in FY24, while the agriculture sector expanded by 4.18 percent over the past five years.

 

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