Why in News ?
The Economic Survey 2023-24 was tabled in Parliament, providing an overview of the Indian economy’s performance and outlook.
Key Highlights:
Economic Growth
- India’s GDP growth estimated at 7% in 2023-24
- Growth driven by private consumption, investment, and exports
Inflation
- Inflation expected to be within target range of 2-6%
- Food inflation a concern, but supply-side measures to mitigate impact
Fiscal Management
- Fiscal deficit estimated at 5.8% of GDP in 2023-24
- Government to continue fiscal consolidation path
External Sector
- Current account deficit (CAD) expected to narrow to 2.2% of GDP
- Foreign exchange reserves adequate to cover imports
Employment and Education
- Unemployment rate declined to 4.2% in 2022-23
- Education sector saw significant improvements in enrollment and infrastructure
Healthcare
- Healthcare expenditure increased to 2.1% of GDP in 2022-23
- Government initiatives to improve healthcare access and quality
Sustainability
- India’s climate actions aligned with global goals
- Renewable energy capacity to reach 500 GW by 2030
Challenges
- Global economic uncertainty and trade tensions
- Need to address food inflation and ensure macroeconomic stability
The Economic Survey provides a comprehensive analysis of the Indian economy, highlighting its strengths and weaknesses, and outlining the government’s policy priorities for the upcoming year.