Economic Survey 2023-24 | Indian Economy for UPSC CSE PDF Download

 Page 1


Government of India
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DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India
HIGHLIGHTS
2023-24
G-20 COVER (Highlights).indd   1 13-07-2024   17:09:02
Page 2


Government of India
vkfFkZd dk;Z foHkkx
DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India
HIGHLIGHTS
2023-24
G-20 COVER (Highlights).indd   1 13-07-2024   17:09:02
Economic Survey 2023-24
Highlights
The ‘Highlights’ document of the Economic Survey 2023-24 features the salient aspects of each of 
the thirteen chapters in the Survey, assembled chapter-wise. The highlights are stated through charts, 
infographics, tables, and minimum use of text, which limits the size of the document to 30-35 pages. 
The ‘Highlights’ document thus presents the Survey in a nutshell to enable its easier understanding. I 
am hopeful that readers will be able to relate to the ‘Highlights’ document and be motivated to locate 
relevant content in the Survey for deeper study. 
V . Anantha Nageswaran
Chief Economic Adviser
Ministry of Finance
Government of India
Page 3


Government of India
vkfFkZd dk;Z foHkkx
DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India
HIGHLIGHTS
2023-24
G-20 COVER (Highlights).indd   1 13-07-2024   17:09:02
Economic Survey 2023-24
Highlights
The ‘Highlights’ document of the Economic Survey 2023-24 features the salient aspects of each of 
the thirteen chapters in the Survey, assembled chapter-wise. The highlights are stated through charts, 
infographics, tables, and minimum use of text, which limits the size of the document to 30-35 pages. 
The ‘Highlights’ document thus presents the Survey in a nutshell to enable its easier understanding. I 
am hopeful that readers will be able to relate to the ‘Highlights’ document and be motivated to locate 
relevant content in the Survey for deeper study. 
V . Anantha Nageswaran
Chief Economic Adviser
Ministry of Finance
Government of India
CoNtENtS
 1. State of the Economy: Steady as She Goes 03
 2. Monetary Management and Financial  
intermediation: Stability is the Watchword 06
	 3.	 Prices	and	Inflation:	Under	Control	 08
 4. External Sector: Stability Amid Plenty 11
 5. Medium Term Outlook: A Growth Vision for New India 14
	 6.	 Climate	Change	and	Ener gy	 T ransition:	Dealing	with	 T rade-Offs		 15
	 7.	 Social	Sector:	Benefits	that	Empower	 17
	 8.	 Employment	and	Skill	Development:	 T owards	Quality	 18
 9. Agriculture and Food Management:  
Plenty	of	Upside	Left	if	we	get	it	Right	 20
10. Industry: Small and Medium Matters 21
11. Services: Fuelling Growth Opportunities 24
12.	 Infrastructure:	Lifting	Potential	Growth	 26
13.	 Climate	Change	and	India:	 Why	we	Must	Look	 
at	the	Problem	 Through	our	Lens	 28
Page 4


Government of India
vkfFkZd dk;Z foHkkx
DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India
HIGHLIGHTS
2023-24
G-20 COVER (Highlights).indd   1 13-07-2024   17:09:02
Economic Survey 2023-24
Highlights
The ‘Highlights’ document of the Economic Survey 2023-24 features the salient aspects of each of 
the thirteen chapters in the Survey, assembled chapter-wise. The highlights are stated through charts, 
infographics, tables, and minimum use of text, which limits the size of the document to 30-35 pages. 
The ‘Highlights’ document thus presents the Survey in a nutshell to enable its easier understanding. I 
am hopeful that readers will be able to relate to the ‘Highlights’ document and be motivated to locate 
relevant content in the Survey for deeper study. 
V . Anantha Nageswaran
Chief Economic Adviser
Ministry of Finance
Government of India
CoNtENtS
 1. State of the Economy: Steady as She Goes 03
 2. Monetary Management and Financial  
intermediation: Stability is the Watchword 06
	 3.	 Prices	and	Inflation:	Under	Control	 08
 4. External Sector: Stability Amid Plenty 11
 5. Medium Term Outlook: A Growth Vision for New India 14
	 6.	 Climate	Change	and	Ener gy	 T ransition:	Dealing	with	 T rade-Offs		 15
	 7.	 Social	Sector:	Benefits	that	Empower	 17
	 8.	 Employment	and	Skill	Development:	 T owards	Quality	 18
 9. Agriculture and Food Management:  
Plenty	of	Upside	Left	if	we	get	it	Right	 20
10. Industry: Small and Medium Matters 21
11. Services: Fuelling Growth Opportunities 24
12.	 Infrastructure:	Lifting	Potential	Growth	 26
13.	 Climate	Change	and	India:	 Why	we	Must	Look	 
at	the	Problem	 Through	our	Lens	 28
3
State of the Economy: Steady as She Goes
Global economic growth has been better than expected
Global inflationary pressures easing. Merchandise trade dampened in 2023
 
8.7% 
6.8% 
2022 2023
 
Recurring disruptions 
dampen global 
merchandise trade 
volume growth  
Increase in services 
trade partly offset the 
contraction of goods 
trade  
Growth in volume of global 
exports of goods and 
services in 2023= 0.5% 
Growth in volume of 
global exports of goods 
in 2023= (-) 0.4% 
 
3.5 2.6 4.1 3.2 1.6 4.3 
3.5 
1.9 
4.8 
World Output Advanced Economies Emerging Market and
Developing Economies
Growth (Per cent) 
2022 2023 (Apr-24 IMF WEO) 2011 to 2019 average
World Output
Growth (Per cent)
Advanced Economies Emerging Market and  
Developing Economies
Global Inflation
Page 5


Government of India
vkfFkZd dk;Z foHkkx
DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India
HIGHLIGHTS
2023-24
G-20 COVER (Highlights).indd   1 13-07-2024   17:09:02
Economic Survey 2023-24
Highlights
The ‘Highlights’ document of the Economic Survey 2023-24 features the salient aspects of each of 
the thirteen chapters in the Survey, assembled chapter-wise. The highlights are stated through charts, 
infographics, tables, and minimum use of text, which limits the size of the document to 30-35 pages. 
The ‘Highlights’ document thus presents the Survey in a nutshell to enable its easier understanding. I 
am hopeful that readers will be able to relate to the ‘Highlights’ document and be motivated to locate 
relevant content in the Survey for deeper study. 
V . Anantha Nageswaran
Chief Economic Adviser
Ministry of Finance
Government of India
CoNtENtS
 1. State of the Economy: Steady as She Goes 03
 2. Monetary Management and Financial  
intermediation: Stability is the Watchword 06
	 3.	 Prices	and	Inflation:	Under	Control	 08
 4. External Sector: Stability Amid Plenty 11
 5. Medium Term Outlook: A Growth Vision for New India 14
	 6.	 Climate	Change	and	Ener gy	 T ransition:	Dealing	with	 T rade-Offs		 15
	 7.	 Social	Sector:	Benefits	that	Empower	 17
	 8.	 Employment	and	Skill	Development:	 T owards	Quality	 18
 9. Agriculture and Food Management:  
Plenty	of	Upside	Left	if	we	get	it	Right	 20
10. Industry: Small and Medium Matters 21
11. Services: Fuelling Growth Opportunities 24
12.	 Infrastructure:	Lifting	Potential	Growth	 26
13.	 Climate	Change	and	India:	 Why	we	Must	Look	 
at	the	Problem	 Through	our	Lens	 28
3
State of the Economy: Steady as She Goes
Global economic growth has been better than expected
Global inflationary pressures easing. Merchandise trade dampened in 2023
 
8.7% 
6.8% 
2022 2023
 
Recurring disruptions 
dampen global 
merchandise trade 
volume growth  
Increase in services 
trade partly offset the 
contraction of goods 
trade  
Growth in volume of global 
exports of goods and 
services in 2023= 0.5% 
Growth in volume of 
global exports of goods 
in 2023= (-) 0.4% 
 
3.5 2.6 4.1 3.2 1.6 4.3 
3.5 
1.9 
4.8 
World Output Advanced Economies Emerging Market and
Developing Economies
Growth (Per cent) 
2022 2023 (Apr-24 IMF WEO) 2011 to 2019 average
World Output
Growth (Per cent)
Advanced Economies Emerging Market and  
Developing Economies
Global Inflation
4
Private 
consumption -  
60.3% 
Investment – 
30.8% 
Exports – 
21.9% 
Share in GDP at current prices 
India’s GDP growth expected to remain robust. Steady private consumption and emerging 
investment drive growth
Investment being driven by public and private capex with households also pitching in
Quality of Union Government expenditure is improving
3.9
-5.8
6.5
3.9
-5.8
9.7
7.0
8.2
7.0
FY20 FY21 FY22
(2nd RE)
FY23
(1st RE)
FY24
(PE)
FY25 (F)
Per cent
Sustained momentum in GDP growth
Forecast
Private 
consumption -
60.3%
Investment –
30.8%
Exports –
21.9%
Increasing appetite for investment in housing
Household savings in 
physical assets as % of 
GDP 	up	from	10.8%	
in FY21 to 12.9% in 
FY23
88% 
12% 
79% 
21% 
Revenue Expenditure Capital Expenditure
FY24 
FY21 
Higher share of capex in total expenditure Decomposition of fiscal deficit shows increasing  
investment orientation 
Government capex crowding in private investment
Private 
corporate 
capex* grew 
by	19.8%	
(FY24)
Centre 
and States’ 
capex grew 
by 22.9% 
(FY24)
*Axis bank research