- Inflation and Food Prices: Inflation expected at 4.5% in FY25; food prices under pressure from weather conditions.
- Growth Metrics: India’s economy grew 8.2% in FY24, with significant contributions from industrial and service sectors.
- Renewable Energy Investments: India targets ₹30.5 lakh crore investment in renewable energy by 2030.
The Economic Survey 2024 presents a mixed picture of India’s economic landscape. Food prices are under strain due to adverse weather, while inflation is projected to stabilize at 4.5% in FY25 and 4.1% in FY26.
Retail inflation has decreased to 5.4% in FY24 from 6.7% in FY23, reflecting effective management of supply chain disruptions and global challenges.
Economic Survey 2024: Navigating Growth and Challenges
India‘s economy demonstrated robust growth with an 8.2% increase in FY24, driven by a 9.5% rise in industrial output and a 7.6% expansion in the services sector. The survey also highlights a significant growth in the electronics manufacturing sector and ambitious plans to attract ₹30.5 lakh crore in renewable energy investments by 2030. However, the dominance of China in rare earth minerals poses potential risks to these plans.
On the investment front, India is targeting ₹30.5 lakh crore in renewable energy investments by 2030. However, achieving this goal requires addressing issues related to land acquisition and financing. Additionally, the survey points out the risks posed by China’s dominance in the production of critical and rare earth minerals, which could impact India’s renewable energy ambitions.
The survey also highlights the need for significant job creation, estimating that nearly 78.5 lakh jobs need to be generated annually until 2030 to meet workforce demands. Despite these challenges, the Indian economy is portrayed as stable and resilient, having consolidated its post-Covid recovery effectively.
The Economic Survey 2024 provides a comprehensive overview of India’s economic health, highlighting both strengths and vulnerabilities. With strong growth metrics and ambitious investment goals, the country is well-positioned to navigate its economic challenges and capitalize on future opportunities.
“India’s economy grew by 8.2% in FY24, with significant contributions from industrial and service sectors, reflecting strong resilience and growth potential.”
“India’s economy grew by 8.2% in FY24, with significant contributions from industrial and service sectors, reflecting strong resilience and growth potential.”
