Government of India

2023-24
HIGHLIGHTS

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DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India

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 Energy Transition: Dealing with Trade-Offs 15

7. Social Sector: Benefits that Empower 17

8. Employment and Skill Development: Towards 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
 State of the Economy: Steady as She Goes

Global economic growth has been better than expected

2022 2023 (Apr-24 IMF WEO) 2011 to 2019 average

4.8
Growth (Per cent)
Growth (Per cent)

3.5

1.9

3.5 3.2 2.6 1.6 4.1 4.3

World
World Output
Output Advanced Economies Emerging
Advanced Economies Market
Emerging and and
Market
Developing Economies
Developing Economies

Global inflationary pressures easing. Merchandise trade dampened in 2023

Global Inflation
Recurring disruptions Increase in services
8.7% dampen global trade partly offset the
merchandise trade contraction of goods
6.8% volume growth trade

Growth in volume of Growth in volume of global

global exports of goods
2022 2023 in 2023= (-) 0.4%
exports of goods and
services in 2023= 0.5%

3
India’s GDP growth expected to remain robust. Steady private consumption and emerging
investment drive growth

Sustained momentum in GDP growth Share in GDP at current prices

9.7 Exports
Exports – –
8.2 7.0 21.9%
21.9%
7.0

6.5
3.9
Per cent

Investment
Investment ––
Forecast
30.8%
30.8%

-5.8
Private
Private
consumption
consumption - -
FY20 FY21 FY22 FY23 FY24 FY25 (F) 60.3%
60.3%
(2nd RE) (1st RE) (PE)

Investment being driven by public and private capex with households also pitching in
Government capex crowding in private investment Increasing appetite for investment in housing
Household savings in
physical assets as % of
GDP up from 10.8%
Private Centre in FY21 to 12.9% in
corporate and States’ FY23

capex* grew capex grew

by 19.8% by 22.9%
(FY24) (FY24)

*Axis bank research

Quality of Union Government expenditure is improving

Higher share of capex in total expenditure Decomposition of fiscal deficit shows increasing
investment orientation

Revenue Expenditure Capital Expenditure

21% 12%

79%

FY21 88%

FY24

4
Relatively low domestic inflation, high growth and stable external sector are imparting
resilience to the economy
India a high-growth and low-inflation economy The ₹ was one of the most stable currencies over
Apr’23 – Jun’24

9
British Pound -1.4
India
(Avg. Growth - FY22 - FY24,%)

8
Mexican Peso 1.3
7
Indian Rupee 1.9
6
UK Mexico Euro 2.6
5 EMDEs
Chinese Renmimbi 5.0
4
US Brazil Brazilian Real 10.1
3 Russia
AEs
2
Indonesian Rupiah 11.3
Germany
1 Japanese Yen 18.1

0
4 6 8 10 Depreciation (-)/Appreciation (+) (per
(Avg. Inflation - FY22 - FY24,%) cent)

Improving macroeconomic stability

CPI-Inflation (%) Macro-Vulnerability Index

24.8
21.9
18.4
20.0

12.3 11.3 14.9

10.05
9.1
6.16 5.36
3.59

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24*
Heightened Macro-vulnerability Macro-stability Pandemic & Global
Disturbance

Government is ensuring inclusivity of growth

11.7 11.6
10.3

6.9
Crore

Beneficiaries under
2.6 various schemes
since their
inception
Swacch Bharat Jal Jeevan PM Ujjwala Ayushman PM-AWAS
Mission (Toilets Mission (tap Yojana (gas Bharat Scheme Yojana (pucca
built) water connections (Hospital houses built)
connections) provided) admissions)

5
 Monetary Management and Financial
intermediation: Stability is the Watchword
Double-digit growth in bank credit

164.3
Gross bank credit (₹ lakh 136.8 20.2%
118.9 growth
15%
crore)

FY22 FY23 FY24



India’s Digital Public Infrastructure: Churning the Wheels of the Economy


Microfinance Institutions (MFIs): facilitating Financial Inclusion

Rise in loans disbursed by MFIs India has the second-largest

1.8
microfinance sector
Women constitute 98 per cent
of the total clients of MFIs
1.1 1.1 1.1 MFIs have reached out to over 532 lakh
₹ lakh crore

clients with a total loan outstanding of

0.7
0.8 0.8
₹1.8 lakh crore under micro-credit
0.6
0.5

0.3
0.4 Rise in RBI’s Financial Inclusion Index from
60.1 in March 2023 to 64.2 in March 2024
indicates improvement in access, usage, and
quality of the financial sector in India
FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

6
GIFT City: Emerging as a dominant gateway for India’s financial sector

As of March 2024, the total asset size of IFSC Banking Units

crossed USD 60 billion, and the cumulative value of transactions
undertaken by them crossed USD 795 billion

Cumulative Fund Management Entities and funds registered with

IFSCA rose from 39 and 33 as of September 2022 to 114 and 120
Rapidly evolving banking
ecosystem as of March 2024
Robust funds industry
As of 31 March 2024, 11 ship leasing companies are registered
Aircraft and ship leasing
with IFSCA
Foreign universities initiative

Deakin University from Australia became the first foreign

university to be granted final registration for their International
Branch Campus in GIFT IFSC under IFSCA

Indian capital markets emerged as one of the best-performing among emerging markets in FY24

Systematic
Primary Secondary Market Mutual funds Investment
markets markets capitalisation Plan

Primary India’s market

India’s Nifty Assets under Annual net SIP
markets capitalisation
50 index Management of flows more
facilitated to GDP ratio
ascended by mutual funds than doubled
capital improved
26.8 per cent increased by from ₹0.96
formation of significantly
during FY24, ₹14 lakh crore lakh crore in
₹10.9 lakh from 77 % in
as against to ₹53.4 lakh FY21 to ₹2
crore in FY24, FY19 to 124 %
(-)8.2 % during crore at the end lakh crore in
compared to in FY24
FY23 of FY24 FY24
₹9.3 lakh crore
in FY23

7
 Prices and Inflation: Under Control

India’s inflation lower than EMDEs in 2023 India has one of the lowest average deviations
(2021-2023) from inflation target (Actual – Target)

12 World AEs
EMDEs India S. Africa 1.3
10 1.8
India
8.3 France 2.6
8
6.2 Mexico 3.4
Per cent

6.8
6 USA 3.6
5.2 5.4
Brazil 3.9
4 4.6
3.2 Germany 4.0
2 UK 4.3
0.7 Russia 4.8
0
2020 2021 2022 2023 Per cent

Headline inflation was the lowest in FY24

Headline Inflation Core Inflation Food Inflation (CFPI)

10
7.5
8

6
Per cent

5.4

4
4.3
2

0
FY20

FY21

FY22

FY23

FY24

Monetary policy transmission evident in easing core inflation to 4-year low

6.5
7.1 Co
) 6.25 FEB-23 re
i
at e (% 5.9
nfl
ati
p oR DEC-22
5.1 on
Re 5.4
SEP-22 (%
4.9 )
AUG-22
4.4 3.2
JUN-22
4 MAY-22
. 3.1
MAY-20

8
 Stock monitoring of Subsidised sale of
Export Prohibi- cereals and pulses cereals, pulses and
tion on cereals, onion
onion and sugar
Reduction of import
Lowered LPG duty on pulses and
and fuel prices edible oil

U TY
RT D
IMPO

ADMINISTRATIVE MEASURES TO
CONTAIN INFLATION

Bharat Atta Bharat Rice

@ Rs.27.5/kg @Rs.29/kg

Bharat Dal for Moong Bharat Dal for Chana

@Rs.107/kg for Moong dal @Rs.60/kg for 1 kg pack
@Rs.93/kg for Moong Sabut @Rs.55/ kg for 30 kg pack
Subsidised Sale of
Essential Food Items
under "Bharat" brand

Impact of government interventions on LPG and fuel inflation

Decrease in LPG inflation due to Decline in petrol and diesel inflation due
price cut to price reduction
20 petrol for vehicle diesel for vehicle
2
10

0 0
Per cent

Per cent

-10
-2
-20

-30 -4
Sep-23

Nov-23

Feb-24
Dec-23

May-24

Jun-24
Apr-23

Oct-23

Apr-24

Apr-24
Oct-23

Jan-24

Mar-24
Jun-23

Aug-23

Dec-23

Feb-24

Jun-24

9
Rural-urban inflation gap in selected states in FY24

Per cent

States* with higher inflation show a wider rural-urban gap (FY24)

7
Statewise inflation rate (%)

5
4
3
2
y = 1.7646+3.4454x
1
0
0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6
Ratio of rural to urban inflation rate
*The scatter plot is based on 23 major states and NCT of Delhi

A decline in global commodity prices bodes well for India’s inflation outlook

160 2023 (Actual) 2024 (Forecast) 2025 (Forecast)

140

120
Index

100

80

60

40
Source : IMF
Total Food Energy Oils and Meals Fertilisers Base Metals

10
 External Sector: Stability Amid Plenty

India’s services exports more than doubled in nine years

 India’s services exports share in world services exports

4.3%
 Rank in World’s telecommunication, computer &
information services exports
2nd
 Rank in World’s personal, cultural & recreational services
exports
6th
 Rank in World’s other business service exports
8th


Remarkable growth of Global Capability Centres in India

No. of GCCs: 1600 Installed GCC talent:
1659 thousand

2015-2023

Revenue: USD 460 crore No. of GCC units: 2,740

No. of GCCs: 2,100 Installed GCC talent:
3,400 thousand

2023-2028*

* Projections by PwC
Revenue: USD 900 crore No. of GCC units: 3,200

Improvement in logistics performance


11
How can India benefit from China plus one strategy?

Evidence of trade diversion from China is reflected in an

increase in India’s electronic exports to US, resulting
in a rise in trade surplus

India’s electronic goods trade balance

with the US
8.7

USD billion


Promote FDI from

China
How can India
benefit from China
1.2
plus one?
Increase imports
from China FY21 FY24


Rise in India’s Global Value Chains participation

Increase in the share of GVC

-related trade in Gross trade


2022 40.3

2000 27.8
 

Rise in share of medium and high-technology manufacturing



Increase in share of high value-added services in services sector



India has begun to move downstream with increase in exports

of finished goods


Policy priorities

 Developing quality trade infrastructure

 Integrating MSMEs in the GVC network
 Simplifying procedures for entry and exit of small businesses
 Working towards trade facilitation measures

12
Stable external sector

External Debt (RHS) ED to GDP

30 700
600
500
20

USD billion
400

Per cent
Decline in External debt to 300
GDP ratio 10
200
100
0 0

2023 PR
2017

2022 R
2015

2016

2018

2019

2020

2021

2024 P


India 68
China
Mexico
Japan
Brazil India witnessed the most significant
Taiwan increase in foreign exchange reserves
Hong Kong holdings in FY24
South Korea
Russia
Switzerland
Change in foreign exchange reserves from April 2023 to March 2024
(USD billion) 

42.2 44.1
36.1

22.1
USD billion

Highest level of FPI inflows 7.6

1.4
witnessed in FY24 after FY15
-0.6
-4.1 -5.2

-16.8
FY20
FY15

FY16

FY17

FY18

FY19

FY21

FY22

FY23

FY24


Current account balance as % of

0.9
0.6

-0.2
Current account surplus in Q4
GDP

-1.1 -1.0
-1.3 -1.3
-1.6
-2.1 -2.0 of FY24 led to a moderation in
-2.7
CAD in FY24
-3.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY22 FY23 FY24


13
 Medium Term Outlook: A Growth Vision
for New India
Growth Strategy for Amrit Kaal : Strong, Sustainable and Inclusive

Boost private sector investment to 35 per cent of GDP through a

1 conducive policy and regulatory environment

Strengthen India’s MSME sector through deregulation at the state and

2 local government levels. Push for sector-specific, tailored skilling of
MSME entrepreneurs and developing a clear-cut export strategy

Remove growth impediments in the agricultural sector and allow markets

3 to function in the interest of the farmer

4 Secure financing of green transition in India.

5 Bridge the education – employment gap

6 Build state capacity and capability

Generate
Improve the quality productive
of health of India’s employment Address the
young population skill-gap
challenge

Tackle
inequality
Policy focus Tap into the full
for the short to potential of the
agriculture sector
Deepen the
corporate bond
medium-term
market

Ease regulatory
requirements and
Navigate the financing bottlenecks
Chinese conundrum for MSMEs
Manage India’s
green transition

14
 Climate Change and Energy Transition:
Dealing with Trade-Offs
Present Status of India’s Climate Action

• Addition of 15.03 GW to installed solar power capacity in

2023-24
Solar Power
• Cumulative 82.64 GW installed solar capacity as on 30 April
2024

Emission • Emission intensity of India’s GDP reduced by 33% in 2019

Intensity (from 2005 level)

Tree and forest

• A carbon sink of 1.97 billion tonnes of CO2 equivalent has
cover as Carbon
already been created from 2005 to 2019
sink

Installed Power Capacity 30 April 2024: 442.8 GW

Solar
82.64 GW, 19%

Bio Coal
10.95 GW, 2% 210.97 GW, 48%
Wind
46.16 GW, 10%

Small Hydro
5 GW, 1% Gas
24.82 GW, 6%
Large Hydro,
46.93, 11%
Nuclear, 8.18, Diesel Lignite, 6.62, 1%
2% 0.59 GW, 0%

Critical and Rare Earth Mineral’s Concentration

15
PM-Surya Ghar Yojana

Total outlay of Rs.75,021 crore

Installing rooftop solar

Free electricity up to 300 units every month for 1 crore households

Create around 17 lakh direct jobs

Addition of 30 GW of solar capacity through rooftop solar

Reduction of 720 million tonnes of CO2 equivalent emissions

Steps Taken to Improve Energy Efficiency

Lifestyle for Environment (LiFE) Mission

Perform, Achieve, and Trade (PAT)

Energy Conservation Building Code (ECBC)

Shunya Labelling Program

Standards and Labelling (S&L) program

AC @ 24 campaign

16
 Social Sector: Benefits that Empower
Saturation
approach: no one
left behind

Technology Focus on
for efficiency empowerment
Transformed
Approach to
Welfare

Cost-effective Basic
& fiscally necessities
sustainable first

Community and
Private
participation

Labour force
participation

Access to Education
basic and
necessities Skilling

Health Financial
and inclusion &
nutrition SHG
movement

Enabling Women-led Development

Youth and phone/Internet Economic Impact: productivity loss,

overuse and ‘great rewiring of healthcare cost, higher risk with rising
childhood’ urbanisation and demographic dividend

10.6 per cent adults suffered Policy action: National

from mental disorders in India, Mental Health Programme
Treatment gap of 70-92% and Ayushman Bharat

Globally, one out of every two people Need for adequate personnel,
will develop a mental health disorder breaking the stigma,
in their lifetime** community action

Mental Health
*National Mental Health Survey 2015-16
**McGrath et al., 2023

17
 Employment and Skill Development:
Towards Quality
Evolving Landscape of Jobs

Improving Labour Market Indicators as per PLFS

70

60 57.9 56.0
49.8
50 46.8

40
per cent

30

20

10 6.0
3.2
0
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23

LFPR WPR UR
Source: Periodic Labour Force Survey (PLFS) annual reports. MoSPI
Note: LFPR: labour force participation rate, WPR: worker population ratio, UR: unemployment rate

18
Upscaling of Factories and rising Organised Manufacturing Employment

CAGR between 2017-18 and 2021-22

Less than 100 Employees More than 100 Employees
13.2%
12.2%
11.8%

4.8%
3.9%

0.4%

Factories in Workers Total Persons

Operation Engaged
Source: Annual Survey of Industries

Annual requirement for non-farm job creation 2024-2036

Job shedding by agriculture Annual increase in workforce

Need for new jobs - Total
90 78 79 80 77 78 79 80 81 77 78 79 80 81
80
70
60
in lakh

50
40
30
20
10
0
2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

 Calculations based on assumptions about workforce participation rates and share of

agriculture in the workforce.
 Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until
2030 in the non-farm sector.
 Quantity and Quality – both matter!
19
 Agriculture and Food Management: Plenty
of Upside Left if we get it Right

India’s agricultural sector shows resilience and Fixing MSP at one and half times the all-India
diverse growth, with notable improvements in weighted average cost of production- assuring
fishing and aquaculture over recent years. remunerative prices to farmers
18 14000

16
12000
14

10000
12

10
8000

Rs/Quintal
8
Per cent

6000
6

4 4000

2
2000
0
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
0
-2

Paddy
Masur

Bajra

Soyabean
Ragi

Arhar
Gram

Cotton
Wheat

-4

Crops Livestock fishing and aquaculture Agriculture 2021-22 2022-23 2023-24

Share of agriculture and allied sector in total GVA

The allied sectors of Indian 25.0
agriculture are steadily emerging
as robust growth centres and 20.0 1.6
1.4
1.3
promising sources for improving 15.0
1.4
1.2 1.5
1.2
1.5
1.3 1.3 1.3
1.3
6.1
farm incomes. 5.1 5.1 5.3 5.7 5.5
10.0

5.0 10.5 9.8 10.3 11.3 10.5 10.1

0.0
Growth in the livestock 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
sector significantly Crops Livestock Fishing Forestry
boosted the per capita
availability of milk, eggs, Growth in selected products
and meat. 16.00
14.00
12.00
10.00
in per cent

The fisheries sector has 8.00

grown at a compound 6.00

annual rate of 8.9 per cent 4.00

between 2014-15 and 2.00

2022-23 (at constant 0.00

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
prices) milk eggs fish

20
 Industry: Small and Medium Matters

Industrial growth powers economic growth in FY24

Annual growth of industry and its components

25

20

15
12.2

9.5
10

5
2.1
-0.4
0
-1.4

-5

-10
FY20 FY21 FY22 FY23 FY24
Mining & quarrying Manufacturing Electricity, gas & other utilities Construction Industry

Coal production as % of domestic consumption improved

Key Industrial
Intermediates

 Coal: production
accelerated
reducing import India, a net exporter of finished steel in 4 out of last
5 years (metric tonnes)
dependence

 Steel: highest
production and
consumption in
FY24

21
 Surge in electronics production and Strong growth in auto manufacturing
exports (growth in %) in FY 24

7.1%

16.0%

10.3%

R&D spend in
drugs &
pharmaceuticals was
5% of sales
turnover in FY20 India’s
Need to increase & FY21 pharmaceutical
R &D channels of
funding from venture market is the world’s
capital and angel third-largest by
investors volume
Pharmacy
of the
World
8 of the top 20
Higher R&D is
global generic
required to promote
companies based in
innovation
India
More than 12500
Janaushadhi Kendras
opened, covering all
districts

Progress under PLI until May 2024

Employment
Over ₹1.28 lakh
generation
Crore of
(direct & indirect)
investment
of over ₹8.5 lakh.

Export boosted Production/sales

by ₹4 lakh Crore of ₹10.8 lakh
Crore

22
MSME: Guarantees approved under CGTMSE increased considerably

Flourishing start-up and innovation ecosystem

There are over 13,000

DPIIT-recognized start-ups
in artificial intelligence,
Internet of things, robotics,
and nanotechnology by
End- FY24 Number of granted
patents increased
17-fold from 5978
in FY15 to 103057 in
FY24

23
 Services: Fuelling Growth Opportunities

Increasing trend of GVA in the services sector

ϴϲ͘ϳ
(constant prices)
in ₹ lakh crore

FY15

FY16

FY17
FY13

FY14

FY18

FY19

FY20

FY21

FY22

FY23

FY24


Post COVID firming up in the share of the services sector in overall GVA

54.8 54.7
54.2

52.3
Per Cent

50.6

FY14 FY20 FY21 FY23 FY24

A decade ago Pre-COVID high COVID Post COVID firming up

PMI Services touched new heights in FY24 amidst global flux

70
Expansionary Zone
65 61.2
60 56.7
Index (50=Neutral)

55
50
45
40
35 Contractionary Zone
30
Mar 24
Mar 21

Mar 22

Mar 23
Jul 21
May 21

Sep 21

May 22

Jul 22

May 23

Jul 23
Sep 22

Sep 23

Jan 24
Nov 21

Jan 22

Jan 23

Nov 23
Nov 22


24
Booming Residential Real Estate Sales Rising Tech start-ups in India

31000+

2000
%
33
X
15


  

2022 2023 2014 2023

Source: Proptiger Source: NASSCOM & Zinnov (2023). Weathering the

challenges -The Indian tech start-up landscape report 2023

Physical Connectivity Supporting Economic Activity

Persistent progress in railway Sustained increase in shipping

freight traffic tonnage Growth in air cargo traffic

150 40
150
120
Lakh Tonnes

30
Crore tonnes

Lakh tonnes
100 90
60 20
50 10
30
0 0 0
FY23
FY20

FY21

FY22

FY24
FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

FY24
  

Growth Map of ONDC (Open Network for Digital Commerce)

68 million 65 12
Transactions since 1200+ Seller Applications Logistic Service Providers
inception Cities

535,000+ 9 million 22
85% Small Sellers Sellers Transactions per month Buyer Applications

Agriculture Food & Beverage

 Around 5,700 Farmer Producer  18% growth in orders in Q4 FY24
Organisations  Network of 95,000 restaurants in
 Over 23,000 transactions in Q4 347 cities
FY24 alone



Fashion & Beauty Grocery

 11% growth in Q4 FY24  52% growth in Q4 FY24
 More than 6400 sellers  Network of 12,858 sellers serving in
 15 Lakh Stock Keeping Units (SKU) over 665 cities.
in 900 cities  Over 6.3 Million SKUs
 

25
 Infrastructure: Lifting Potential Growth

Physical Connectivity Infrastructure

Roads Railway Water Transport Civil Aviation

 Capital expenditure on  New terminal
Railways increased by buildings at 21
77% percent between airports in FY24
FY20 and FY24).  Increase in passenger
handling capacity by
 Significant invest- 62 million passengers
ments in new lines, per annum
 The average pace gauge conversion and  India’s rank in Inter-
of NH construction doubling national Shipments
increased by ~3 times category in Logistics
between FY14 and Performance Index
FY24 improved from 44 in
2014 to 22 in 2023
 Toll digitisation
reduced waiting time  Under Sagarmala, 262
at toll plazas by nearly projects worth ₹1.4
16 times during lakh crore stand
2014-24 completed.

Energy Urban Sector

 India targets 50% of  190.57 GW of  PMAY-U: >1.18 crore houses were

cumulative power renewable energy (RE) sanctioned and more than 84 lakh
installed capacity from capacity installed by completed.
non-fossil fuel-based end-March 2024.
energy sources by  AMRUT Mission: 5,999 projects worth
2030.  Clean energy sector ₹83,327 crore awarded. 5,304 projects
had new investment of worth ₹51,434 crore got completed.
 UJALA Scheme led to ₹8.5 lakh crore between
annual energy savings 2014 and 2023.  Metro rail/RRTS: 945 km are operational.
of 48.42 billion kWh 939 km under construction in 27 cities.
and annual savings of 86 km operationalised in FY24.
₹19,335 crore in
electricity bills.  Swatch Bharat Mission-Urban:
Constructed 63.07 lakh individual
household latrine units. 6.37 lakh commu-
Electric power Renewables nity & public toilets

26
Social and Economic Infrastructure

Sports Water & Sanitation Water Resource Tourism

Management
 Swatch Bharat Mis-  PRASHAD scheme:
sion-Gramin: In FY24, 29 new pilgrimage and
₹6,802.6 crore uit- heritage sites identi-
ilised. fied

 Jal Jeevan Mission:  Swadesh Darshan 2.0:

Tap water connection Outlay of ₹3,800 crore
 Khelo India: In FY24, provided to more  Namami Gange: Ad-
38 new infrastructure than 14.89 crore rural opted Hybrid Annuity
projects were sanc- households so far. Model for sewage
tioned; 58 completed. treatment plants; 33
projects sanctioned
 Sports Authority of
India: approved 9 infra  Accelerated Irrigation
projects in FY24. 13 Benefit Programme:
completed 25.80 lakh hectare of
additional irrigation
area created during
2016-24

Space Digital
Space Assets Telecom Electronics & IT

India has 55 active space assets,  8.02 lakh mobile towers as of  >₹10,300 crore for compre-
including18 communication June 2024. hensive India Al Mission
satellites, 9 navigation satellites,  29.37 lakh Base Transceiver approved
5 scientific satellites, 3 meteo- Stations (BTSs) & 4.5 lakh 5G  AIRAWAT, an AI Supercom-
rological satellites, and 20 earth BTSs. puter, secured 75th position
observation satellites in the top 500 global super-
 BharatNet Project: 6,85,501
km of optical fibre cable computing list declared at the
(OFC) laid. 2.11 lakh GPs International Supercomputing
connected by OFC. Conference 2023 in Germany
 DigiLocker platform has
reached over 26.28 crore
registered users.

27
 Climate Change and India: Why we Must
Look at the Problem Through our Lens
Issues with the current global approaches to addressing Climate Change
Issues with the current global approaches to addressing Climate Change

Does not seek to Irrational pursuit of The current ‘Scramble’ for energy
address the core new-age resources pathways may fall guzzling AI is directly
issue, i.e. is scarring the short of addressing at odds with the
climate goals
overconsumption planet climate change

The Food-Feed Balance in the West poses a threat to food security as more cereal is produced
for animal consumption than for human consumption

Share of Cereals Allocated to Animal Feed (2021)

India
United States
United Kingdom
Italy
Canada
Russia
France
Germany
Australia
Brazil
Spain
Ireland
0 20 40 60 80 100
Per cent of total domestic cereal supply

Source: Food and Agriculture Organization of the United Nations (2023)

28
In most developed countries, less than one-third of the domestic cereal production is for
human consumption

Chad China European Union India United Kingdom United States

Percentage Share of Total Domestic Cereal Supply

100
90
80
70
60
50
40
30
20
10
0
1961
1963
1965
1967
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
Source: Food and Agriculture Organization of the United Nations (2023)

It takes around 100 times as much land to produce 1000 kilocalories of meat compared to
plant-based alternatives

Beef (beef herd)

Lamb & Mutton
Beef (dairy herd)
Milk
Pig Meat
Poultry Meat
Fish (farmed)
Other Pulses
Eggs
Berries & Grapes
Tomatoes
Oatmeal
Prawns (farmed)
Nuts
Groundnuts
Wheat & Rye
Root Vegetables
Rice
Maize
Barley

0 20 40 60 80 100 120 140

Land Use per 1000 kilocalories of food in Meters Square

Source: Joseph Poore and Thomas Nemecek (2018). Additional calculations by Our World in Data.

29
The Path to Sustainable Housing

The Indian Approach to tackling Climate Change

Mindful Consumption instead

of Overconsumption

Collective Power of Small Promotion of a circular economy

Individual Actions and reuse of waste products

The Indian
Approach to
tackling Climate
Change

Steering people towards Local, plant-based cuisines which are highly

Mission LiFE proposes a naturally sustainable
making Pro-Planet Choices nutritious lifestyle in
and has a low ecological footprint

accordance with nature

Mission LiFE proposes a naturally sustainable lifestyle in accordance with nature

30
 Government of India Government of India

2023-24

ECONOMIC SURVEY
vkfFkZd dk;Z foHkkx
DEPARTMENT OF
ECONOMIC AFFAIRS
Government of India

2023-24

G-20 COVER (Main Cover).indd 1 13-07-2024 17:10:02

9/11/24, 10:24 AM Press Release:Press Information Bureau

Ministry of Finance

ECONOMIC SURVEY CONSERVATIVELY

PROJECTS A REAL GDP GROWTH OF 6.5–7
PER CENT IN FY25

Posted On: 22 JUL 2024 3:28PM by PIB Delhi

REAL GDP GROWS BY 8.2 PER CENT IN FY24; EXCEEDS 8 PER

CENT IN THREE OUT OF FOUR QUARTERS
RETAIL INFLATION DECLINES TO 5.4 PER CENT IN FY24 DUE TO
DEFT ADMINISTRATIVE AND MONETARY POLICIES
ECONOMIC GROWTH OF 8.2 PER CENT SUPPORTED BY
INDUSTRIAL GROWTH RATE OF 9.5 PER CENT
29 STATES AND UNION TERRITORIES WITNESS INFLATION RATE
BELOW 6 PER CENT
INDIA’S BANKING AND FINANCIAL SECTOR DISPLAYS STELLAR
PERFORMANCE; RBI MAINTAINS STEADY POLICY RATE
DOUBLE-DIGIT AND BROAD-BASED GROWTH IN BANK CREDIT
AGRICULTURE AND ALLIED ACTIVITIES WITNESS DOUBLE
DIGIT GROWTH IN CREDIT
RBI PROJECTS INFLATION TO FALL TO 4.5 PER CENT IN FY25
INDIA TOP REMITTANCE RECIPIENT COUNTRY GLOBALLY WITH
USD 120 BILLION IN 2023
SIX KEY FOCUS AREAS IN AMRIT KAAL - BOOST PRIVATE
INVESTMENT, EXPANSION OF MSMES, AGRICULTURE AS
GROWTH ENGINE,
FINANCING GREEN TRANSITION, BRIDGING EDUCATION-
EMPLOYMENT GAP, AND CAPACITY BUILDING OF STATES
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9/11/24, 10:24 AM Press Release:Press Information Bureau

INDIA MAKES PROGRESS ON CLIMATE ACTION AND ENERGY

EFFICIENCY; 45.4 PER CENT INSTALLED ELECTRICITY
GENERATION FROM NON-FOSSIL SOURCES
INDIA DECOUPLES ECONOMIC GROWTH FROM GREENHOUSE
GAS EMISSIONS; GDP STANDS AT 7% WHILE EMISSIONS WERE
AT 4% BETWEEN 2005-19
GINI COEFFICIENT DECLINES, UNDERSCORES SOCIAL SECTOR
INITIATIVES REDUCE INEQUALITY
MORE THAN 34.7 CRORE AYUSHMAN BHARAT CARDS
GENERATED, 7.37 CRORE HOSPITAL ADMISSIONS COVERED
22 MENTAL DISORDERS COVERED UNDER AYUSHMAN BHARAT
RAPID PROGRESS IN R&D, ONE LAKH PATENTS GRANTED IN
FY24, COMPARED TO LESS THAN 25,000 IN FY20
NET PAYROLL ADDITIONS TO EPFO MORE THAN DOUBLES
FROM 61.1 LAKH IN FY19 TO 131.5 LAKH IN FY24
GIG WORKFORCE TO EXPAND TO 2.35 CRORE BY 2029–30
AGRICULTURE AND ALLIED SECTORS REGISTER AVERAGE
ANNUAL GROWTH RATE OF 4.18 PER CENT OVER LAST 5
YEARS
ALLIED AGRI SECTORS EMERGING AS ROBUST GROWTH
CENTRES AND SOURCES FOR IMPROVING FARM INCOMES
INVESTMENT IN AGRICULTURE RESEARCH CONTRIBUTES TO
FOOD SECURITY; FOR EVERY RUPEE INVESTED, PAYOFF OF
₹13.85
INDIA’S PHARMA MARKET WORLD'S THIRD LARGEST AT USD
50 BILLION
PLI SCHEMES KEY IN ACHIEVING ‘AATMANIRBHAR BHARAT’
ATTRACT ₹1.28 LAKH CRORE INVESTMENT

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9/11/24, 10:24 AM Press Release:Press Information Bureau

INDIA’S SERVICES EXPORTS CONSTITUTE 4.4 % OF WORLD’S

COMMERCIAL EXPORTS IN 2022
INDIA’S SHARE IN DIGITALLY DELIVERED SERVICES EXPORTS
STANDS AT 6% IN 2023; INDIA HAS 1,580 GLOBAL CAPABILITY
CENTRES
INDIA WITNESSES 92 LAKH FOREIGN TOURIST ARRIVALS IN
2023
INDIAN E-COMMERCE INDUSTRY SET TO CROSS USD 350
BILLION BY 2030
AVERAGE PACE OF NH CONSTRUCTION INCREASES 3 TIMES
FROM 11.7 KM PER DAY IN FY14 TO AROUND 34 KM PER DAY
BY FY24
RAILWAYS CAPEX INCREASES BY 77 PERCENT IN THE PAST 5
YEARS
NEW TERMINAL BUILDINGS AT 21 AIRPORTS
OPERATIONALISED
MISSION LIFE FOCUSES ON HUMAN-NATURE HARMONY
PROMOTING MINDFUL CONSUMPTION

ECONOMIC SURVEY 2023-24 HIGHLIGHTS

Economic Survey 2023-24 was tabled in Parliament today by Union Minister for Finance and Corporate
Affairs, Smt. Nirmala Sitharaman. The main highlights of the Economic Survey are as follows;

Chapter 1: State of the Economy – Steady as She Goes

Economic Survey conservatively projects a real GDP growth of 6.5–7 per cent, with risks evenly balanced,
cognizant of the fact that the market expectations are on the higher side.
India’s economy carried forward the momentum it built in FY23 into FY24 despite a gamut of external
challenges. The focus on maintaining macroeconomic stability ensured that external challenges had minimal
impact on India’s economy.
India's real GDP grew by 8.2 per cent in FY24, exceeding 8 per cent mark in three out of four quarters of
FY24.
On supply side, Gross value added (GVA) grew by 7.2 per cent in FY24 (at 2011-12 prices) and net taxes
at constant prices grew by 19.1 per cent in FY24.
With deft management of administrative and monetary policies, retail inflation reduced from 6.7 per cent in
FY23 to 5.4 per cent in FY24.

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Current Account Deficit (CAD) stood at 0.7 per cent of the GDP during FY24, an improvement from the
deficit of 2.0 per cent of GDP in FY23.
Indian economy has recovered and expanded in an orderly fashion post pandemic. The real GDP in FY24
was 20 per cent higher than its level in FY20, a feat that only a very few major economies achieved.
55% of tax collected accrued from direct taxes and remaining 45% from indirect taxes.
Government has been able to ensure free food grains to 81.4 Crore people. Total expenditure allotted to
capital spending have progressively enhanced.

Chapter 2: Monetary Management and Financial Intermediation- Stability is the Watchword

India’s banking and financial sectors have displayed a stellar performance in FY24.
RBI maintained a steady policy rate throughout the year with overall inflation rate under control.
Monetary Policy committee (MPC) maintained the status quo on the policy repo rate at 6.5 per cent in
FY24. Inflation made to gradually align with its target while supporting growth.
Credit disbursal by Scheduled Commercial Banks (SCBs) stood at ₹164.3 lakh crore, growing by 20.2 per
cent at the end of March 2024.

Growth in broad money (M3), excluding the impact of merger of HDFC with HDFC Bank, was 11.2 per
cent (YoY) as on 22 March 2024, compared to 9 per cent a year ago.
Double-digit and broad-based growth in bank credit, gross and net non-performing assets at multi-year
lows, and improvement in bank asset quality highlight the government’s commitment to a healthy and stable
banking sector.
Credit growth remains robust mainly driven by the lending to services and personal loans.
Agriculture and allied activities witnessed double digits growth in credit during FY24.
Industrial credit growth was 8.5 per cent compared to 5.2 per cent a year ago.
IBC has been recognised as an effective solution for the twin balance sheet problem, in the last 8 years,
31,394 corporate debtors involving a value of Rs 13.9 Lakh Crore have been disposed off as of March
2024.
Primary capital markets facilitated capital formation of ₹10.9 lakh crore during FY24 (approximately 29 per
cent of the gross fixed capital formation of private and public corporates during FY23).
The market capitalisation of the Indian stock market has seen a remarkable surge, with the market
capitalisation to GDP ratio being the fifth largest in the world.
Financial inclusion is not just a goal but also an enabler for sustainable economic growth, reduction of
inequality and elimination of poverty. The next big challenge is Digital Financial Inclusion (DFI).
Dominance of banking support to credit is steadily being reduced and the role of capital markets is rising. As
India’s financial sector undergoes critical transformation, it must brace for likely vulnerabilities.

India poised to emerge as one of the fastest-growing insurance markets in the coming decade.

Indian microfinance sector emerges as the second largest in the world after China.

Chapter 3: Prices and Inflation- Under Control

Central Government’s timely policy interventions and the Reserve Bank of India’s price stability measures
helped maintain retail inflation at 5.4 per cent - the lowest level since the pandemic.
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Central Government announced price cuts for LPG, petrol, and diesel. As a result, retail fuel inflation stayed
low in FY24.

In August 2023, the price of domestic LPG cylinders was reduced by ₹200 per cylinder across all markets
in India. Since then, LPG inflation has been in the deflationary zone.
Further, Centre lowered the prices of petrol and diesel by ₹2 per litre. Consequently, retail inflation in petrol
and diesel used in vehicles also moved to the deflationary zone.
India’s policy adeptly steered through challenges, ensuring price stability despite global uncertainties
Core services inflation eased to a nine-year low in FY24; at the same time, core goods inflation also declined
to a four-year low.
In FY24, core consumer durables inflation declined due to an improved supply of key input materials to
industries.
Agriculture sector faced challenges due to extreme weather events, depleted reservoirs, and crop damage,
which impacted farm output and food prices. Food inflation stood at 6.6 per cent in FY23 and increased to
7.5 per cent in FY24.
Government took appropriate administrative actions, including dynamic stock management, open market
operations, subsidised provision of essential food items and trade policy measures, which helping to mitigate
food inflation.
29 States and Union Territories recorded inflation below 6 per cent in FY24.
Besides, States experiencing higher overall inflation tend to have a wider rural-to-urban inflation gap, with
rural inflation surpassing urban inflation.
Going forward, the RBI projects inflation to fall to 4.5 per cent in FY25 and 4.1 per cent in FY26, assuming
normal monsoon and no external or policy shocks.
IMF forecasts inflation of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India.

Chapter 4 : External Sector - Stability Amid Plenty

India’s external sector remained strong amidst on-going geopolitical headwinds accompanied by sticky
inflation.
India’s rank in the World Bank’s Logistics Performance Index improved by six places, from 44th in 2018 to
38th in 2023, out of 139 countries.
The moderation in merchandise imports and rising services exports have improved India’s current account
deficit which narrowed 0.7 per cent in FY24.
India is gaining market share in global exports of goods and services. Its share in global goods exports was
1.8 per cent in FY24, against an average of 1.7 per cent during FY16-FY20.
India’s services exports grew by 4.9 per cent to USD 341.1 billion in FY24, with growth largely driven by
IT/software services and ‘other’ business services.
India is the top remittance recipient country globally, with remittances reaching a milestone of USD 120
billion in 2023.
India’s external debt has been sustainable over the years, with the external debt to GDP ratio standing at
18.7 per cent at the end of March 2024.

Chapter 5: Medium-Term Outlook – A Growth Strategy for New India

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Key areas of policy focus in the short to medium term - job and skill creation, tapping the full potential of the
agriculture sector, addressing MSME bottlenecks, managing India’s green transition, deftly dealing with the
Chinese conundrum, deepening the corporate bond market, tackling inequality and improving our young
population’s quality of health.
Amrit Kaal’s growth strategy based on six key areas - boosting private investment, expansion of MSMEs,
agriculture as growth engine, financing green transition, bridging education-employment gap, and building
capacity of States.
For Indian economy to grow at 7 per cent plus, a tripartite compact between the Union Government, State
Governments and the private sector is required.

Chapter 6: Climate Change and Energy Transition: Dealing with Trade-Offs

A report by the International Finance Corporation recognises India’s efforts to achieve committed climate
actions, highlighting that it is the only G20 nation in line with 2-degree centigrade warming.
India has made significant progress on climate action in terms of an increase in its renewable energy capacity
and improvement in energy efficiency.
As of 31 May 2024, the share of non-fossil sources in the installed electricity generation capacity has
reached 45.4 per cent.
Further, the country has reduced the emission intensity of its GDP from 2005 levels by 33 per cent in 2019.
India’s GDP between 2005 and 2019 has grown with a Compound Annual Growth Rate (CAGR) of about
7 per cent, whereas the emissions grew at a CAGR of about 4 per cent.
The Government has launched several clean coal initiatives, including the Coal Gasification Mission.
Total annual energy savings of 51 million tonnes of oil equivalent translates to a total annual cost savings of
₹1,94,320 Crore and emissions reduction of around 306 million tonnes.

Expanding renewable energy and clean fuels will increase demand for land and water.
Government issued sovereign green bonds amounting to ₹16,000 Crore in January-February 2023 followed
by ₹20,000 Crore in October-December 2023.

Chapter 7: Social Sector - Benefits that Empower

The new welfare approach focuses on increasing the impact per rupee spent. The digitisation of healthcare,
education and governance has been a force multiplier for every rupee spent on a welfare programme.
Between FY18 and FY24, nominal GDP has grown at a CAGR of around 9.5 per cent while the welfare
expenditure has grown at a CAGR of 12.8 per cent.
Gini coefficient, an indicator of inequality, has declined from 0.283 to 0.266 for the rural sector and from
0.363 to 0.314 for the urban sector of the country.

More than 34.7 crore Ayushman Bharat cards have been generated, and the scheme has covered 7.37 crore
hospital admissions.

The challenge of ensuring mental health is intrinsically and economically valuable. 22 mental disorders are
covered under the Ayushman Bharat – PMJAY health insurance.
‘Poshan Bhi Padhai Bhi’ programme for early childhood education aims to develop the world’s largest,
universal, high-quality preschool network at Anganwadi Centres.
Vidyanjali initiative played crucial role in enhancing educational experiences of over 1.44 cr. students
facilitating community engagement and through volunteer contributions.

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The rise in enrolment in higher education has been driven by underprivileged sections such as SC, ST and
OBC, with a faster growth in female enrolment across sections, witnessing 31.6 per cent increase since
FY15.
India is making rapid progress in R&D, with nearly one lakh patents granted in FY24, compared to less than
25,000 patent grants in FY20.

Government provisioned ₹ 3.10 lakh crore in FY25; this shows a 218.8 per cent increase over FY14 (BE).
Under PM-AWAS-Gramin, 2.63 crore houses were constructed for the poor in the last nine years (as of 10
July 2024).
15.14 lakh km road construction completed under Gram Sadak Yojana since 2014-15 (as of 10 July 2024).

Chapter 8: Employment and Skill Development: Towards Quality

Indian labour market indicators have improved in the last six years, with the unemployment rate declining to
3.2 per cent in 2022-23.

The quarterly urban unemployment rate for people aged 15 years and above declined to 6.7 percent in the
quarter ending March 2024 from 6.8 per cent in the corresponding quarter of the previous year.
According to PLFS, more than 45 per cent of the workforce is employed in agriculture, 11.4 per cent in
manufacturing, 28.9 per cent in services, and 13.0 percent is in construction.

According to PLFS, youth (age 15-29 years) unemployment rate has declined from 17.8 per cent in 2017-
18 to 10 per cent in 2022-23.
Nearly two-thirds of the new subscribers in the EPFO payroll have been from the 18-28 years band.
From the gender perspective, the female labour force participation rate (FLFPR) has been rising for six
years.
As per ASI 2021-22, employment in the organized manufacturing sector recovered to above the pre
pandemic level, with the employment per factory continuing its pre-pandemic rise.
During FY15-FY22, the wages per worker in rural areas grew at 6.9 per cent CAGR vis-à-vis a
corresponding 6.1 per cent CAGR in urban areas.
Number of factories employing more than 100 workers saw 11.8 per cent growth over FY18 to FY22.
Employment has been rising in bigger factories (employing more than 100 workers) than in smaller ones,
suggesting a scaling up of manufacturing units.
The yearly net payroll additions to the EPFO more than doubled from 61.1 lakh in FY19 to 131.5 lakh in
FY24.
The EPFO membership numbers grew by an impressive 8.4 per cent CAGR between FY15 and FY24.
Manufacturing sector is less exposed to AI as industrial robots are neither as nimble nor as cost-effective as
human labour.
The gig workforce is expected to expand to 2.35 crore by 2029–30.

Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm
sector to cater to the rising workforce.
Compared to 50.7 crore persons in 2022, the country would need to care for 64.7 crore persons in 2050.
Direct public investment equivalent to 2 per cent of GDP has the potential to generate 11 million jobs, nearly
70 per cent of which will go to women.

Chapter 9: Agriculture and Food Management – Plenty of Upside Left If We Get It Right

Agriculture and allied sector registered an average annual growth rate of 4.18 per cent at constant prices
over the last five years.
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The allied sectors of Indian agriculture are steadily emerging as robust growth centres and promising sources
for improving farm incomes.
As of 31 January 2024, the total credit disbursed to agriculture amounted to ₹ 22.84 lakh Crore.
As of January 31, 2024, banks issued 7.5 crores Kisan Credit Card (KCC) with a limit of ₹9.4 lakh crores.
An area of 90.0 lakh hectares has been covered under micro irrigation in the country under the Per drop
more crop (PDMC) from 2015-16 to 2023-24.
It is estimated that for every rupee invested in agricultural research (including education), there is a payoff of
₹ 13.85.

Chapter 10: Industry - Small and Medium Matters

Economic growth of 8.2 per cent in FY24 was supported by an industrial growth rate of 9.5 per cent.
Despite disruptions on many fronts, the manufacturing sector achieved an average annual growth rate of 5.2
per cent in the last decade with the major growth drivers being chemicals, wood products and furniture,
transport equipment, pharmaceuticals, machinery, and equipment.
Accelerated Coal production over the past five years has helped in reducing import dependence.
India’s pharmaceutical market stands as world's third largest by volume with the valuation of USD 50 billion.
India is the world's second-largest clothing manufacturer and one of the top five exporting nations.
India's electronics manufacturing sector accounts for an estimated 3.7 per cent of the global market share in
FY22.
PLI schemes attracted over ₹1.28 Lakh Crore of investment until May 2024, which has led to
production/sales of ₹10.8 Lakh Crore and employment generation (direct & indirect) of over ₹8.5 Lakh.
Industry must take the lead in incentivising R&D and innovation and improving the skill levels of the
workforce by forging active collaboration with academia.

Chapter 11: Services - Fuelling Growth Opportunities

Services sector contribution to the overall Gross Value Added (GVA) has now reached to the level prior to
pandemic i.e. about 55%.
The services sector has the highest number of active companies (65 per cent). A total number of 16,91,495
active companies exist in India as of 31 March 2024.
Globally, India’s services exports constituted 4.4 per cent of the world's commercial services exports in
2022.
Computer services and business services exports accounted for about 73 per cent of India’s services exports
and witnessed a 9.6 per cent growth YoY in FY24.
India's share in digitally delivered services exports globally increased to 6.0 per cent in 2023 from 4.4 per
cent in 2019.
The aviation sector in India has grown substantially, with a 15 per cent YoY increase in total air passengers
handled at Indian airports in FY24.
Air cargo handled at Indian airports increased by 7 per cent YoY to 33.7 lakh tonnes in FY24.
FY24 ended with an outstanding services sector credit of ₹45.9 lakh crore in March 2024, with a YoY
growth of 22.9 per cent.
Passenger traffic originating in Indian Railways increased by about 5.2 per cent in FY24 compared to the
previous year.
Revenue-earning freight in FY24 (excluding Konkan Railway Corporation Limited) witnessed an increase of
5.3 per cent in FY24 over the previous year.

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Tourism industry witnessed over 92 lakh foreign tourist arrivals in 2023, implying a YoY increase of 43.5 per
cent.
In 2023, residential real estate sales in India were at their highest since 2013, witnessing a 33 per cent YoY
growth, with a total sale of 4.1 lakh units in the top eight cities.
Global Capability Centres (GCCs) in India have grown significantly, from over 1,000 centres in FY15 to
more than 1,580 centres by FY23.
The Indian e-commerce industry is expected to cross USD 350 billion by 2030.
The overall tele-density (number of telephones per 100 population) in India increased from 75.2 per cent in
March 2014 to 85.7 per cent in March 2024. The internet density also increased to 68.2 per cent in March
2024.
As of 31 March, 2024, 6,83,175 kilometers of Optical Fibre Cable (OFC) has been laid, connecting a total
of 2,06,709 Gram Panchayats (GPs) by OFC in the BharatNet phase I & II.
Two significant transformations are reshaping India's services landscape: the rapid technology-driven
transformation of domestic service delivery and the diversification of India's services exports.

Chapter12: Infrastructure – Lifting Potential Growth

Buoyant public sector investment has had a pivotal role in funding large-scale infrastructure projects in the
recent years.
The average pace of NH construction increased by nearly 3 times from 11.7 km per day in FY14 to around
34 km per day by FY24.
Capital expenditure on Railways has increased by 77 percent in the past 5 years, with significant investments
in the construction of new lines, gauge conversion and doubling.
Indian Railways to introduce Vande metro trainset coaches in FY 25.

In FY24, new terminal buildings at 21 airports have been operationalised which has led to an overall increase
in passenger handling capacity by approximately 62 million passengers per annum.
India’s rank in the International Shipments category in the World Bank Logistics Performance Index has
improved to 22nd in 2023 from 44th in 2014.
The clean energy sector in India saw new investment of ₹8.5 lakh crore (USD 102.4 billion) between 2014
and 2023.

Chapter 13: Climate Change and India: Why We Must Look at the Problem Through Our Lens

Current global strategies for climate change are flawed and not universally applicable.
The Western approach does not seek to address the root of the problem, i.e. overconsumption, but rather
chooses to substitute the means to achieve overconsumption.
A one-size-fits-all approach will not work, and developing countries need to be free to choose their own
pathways.
India’s ethos emphasizes a harmonious relationship with nature, in contrast to the culture of over consumption
in other parts of the developed world.
Shift towards the ‘traditional multi-generational households’ would create the pathway towards sustainable
housing.
“Mission LiFE” focuses on human-nature harmony promoting mindful consumption than over consumption
that lies at the root of global climate change problem.

***

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