Economic survey 2023-24

The Economic Survey 2023-24 tabled in the Parliament by Finance Minister Nirmala Sitharaman anticipates a 2 to 2.5 times increase in energy needs by 2047 to support economic growth. The report also highlighted that India faces challenges in balancing energy transition with other developmental priorities

Retail inflation, after averaging 6.7% in FY23, declined to 5.4% in FY24, thanks to effective administrative and monetary policy responses. Food inflation rose from 6.6% in FY23 to 7.5% in FY24

The survey reveals notable progress in India's labour market over the past six years, with the unemployment rate falling to 3.2% for 2022-23.

Agriculture remains a cornerstone of the Indian economy, demonstrating steady growth with an average annual rate of 4.18% at constant prices over the past five years. However, provisional estimates for 2023-24 show a slower growth rate of 1.4% at constant prices, highlighting both progress and areas needing improvement.