Finance Minister Nirmala Sitharaman tabled the pre-budget document of the Economic Survey in Parliament today before announcing the Union Budget, scheduled for July 23.
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The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance. It is formulated under the supervision of the chief economic adviser.
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Here are some key points stated in the Economic Survey 2024 that you need to know.
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Economic growth of 8.2% in FY24 was supported by an industrial growth rate of 9.5%.
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India's electronic manufacturing sector has grown significantly since 2014, accounting for an estimated 3.7% of the global market share in FY22.
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The Agriculture sector grew at 4.18% in the last five years and the services sector has grown by 7.6% in FY24.
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On the tomato and onion price rise, the survey stated that the prices increased due to region-specific crop disease, early monsoon rains and logistical disruptions.
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Global agencies like the IMF and ADB see India's GDP growth to 7%. Retail inflation declined to 5.4% in FY24.
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The survey states Indian economy needs to generate nearly 78.5 lakh jobs annually until 20230 in the non-farm sector to cater to the rising workforce.
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According to the survey, the Indian economy is on a stable footing, demonstrating resilience in the face of geopolitical challenges.