Economic Survey 2024 Highlights: ‘Economy on strong wicket, stable footing’

Economic Survey LIVE updates: CEA Nageswaran said that it is necessary for India's IT and non-IT sectors to find the right balance between the deployment of technology and labour.

Economic Survey LIVE updates:Mobilization of finance as well as investment on competitive terms and resolution of land acquisition issues are necessary for realising ₹30.5 lakh crore investment required for meeting the target of having 500GW renewable energy in India by 2030, as per the Economic Survey.

Economic Survey LIVE updates: The Economic Survey noted, “China's near-monopoly over the production and processing of critical and rare earth minerals has already been a cause of global concern. It will also have significant repercussions for India’s renewable energy programme.”

Economic Survey LIVE updates: India's electronics manufacturing sector has experienced significant growth since 2014, accounting for an estimated 3.7 per cent of the global market share in FY22, the Economic Survey said.

Economic Survey LIVE updates: Economic growth of 8.2% in FY24 was supported by an industrial growth rate of 9.5%, the Economic Survey noted.

Economic Survey LIVE updates: The agriculture sector had an average annual growth rate of 4.18 per cent at constant prices over the last five years, the Economic Survey noted.

Economic Survey Budget 2024 Live: The survey quoted Provisional Estimates which stated that the services sector is estimated to have grown by 7.6 per cent in FY24. Globally, India’s services exports constituted 4.4 per cent of the world's commercial services exports in 2022, the document said.

The dynamics of India-China economic relations continue to be “extremely complex and intertwined”, the Survey noted. Read here

Economic Survey 2024 Live: The Economic Survey said, “Tomato prices rose due to region-specific crop disease, early monsoon rains, and logistical disruptions. Onion prices spiked because of rainfall during the last harvest season affecting rabi onion quality, delayed sowing of Kharif onion, prolonged dry spells impacting Kharif production, and trade-related measures by other countries.”

Economic Survey 2024 Live: Global agencies like IMF and ADB see India to grow at 7 per cent, the survey said, adding, we “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.”

Economic Survey 2024 Live: 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, the Economic Survey states.

Economic Survey 2024 Live: The Economic Survey said that “inflationary pressures stoked by global troubles, supply chain disruptions, and vagaries of monsoons have been deftly managed by administrative and monetary policy responses. After averaging 6.7 per cent in FY23, retail inflation declined to 5.4 per cent in FY24.”

Economic Survey 2024 Live: The Economic survey says that while the services sector remains a major job creator, the construction sector has been rising in prominence lately. The manufacturing sector employment creation has been subdued in the past decade due to the legacy of bad loans and appears to have rebounded since 2021-22, it said.

Economic Survey 2024 Live: The Economic Survey notes, “Foreign Direct Investment, the subject of much analysis, has held up. RBI data on India’s Balance of Payments shows us that the investment interest of external investors, measured in terms of dollar inflows of new capital, was USD45.8 billion in FY24 compared to USD47.6 billion in FY23. This slight decline is in line with global trends. Reinvestment of earnings remained the same. Repatriation of investment was USD29.3 billion in FY23 and USD44.5 billion in FY24.”

Economic Survey 2024 Live: The Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges. The Indian economy has consolidated its post-Covid recovery with policymakers – fiscal and monetary – ensuring economic and financial stability. Nonetheless, change is the only constant for a country with high growth aspirations. For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate

Economic Survey 2024 Live: Finance Minister Nirmala Sitharaman said, "We are working with SC to get right members to appoint them in various tribunal. There is only one NCLAT which is in Chennai. We need to have a greater number of Appellate Tribunals NCLT and NCLAT appointments are being taken up seriously and will be done speedily."

Economic Survey 2024 Live: Finance minister Nirmala Sitharaman said, "A lot of steps have been taken on Ease of Doing Business. Nearly 11 steps have been mentioned in the reply, but most importantly Decriminalisation of 63 offences and as a result of which companies today are able to carry on their functions without the worry of compliance. A central processing system has also been set up."

Economic Survey 2024 Live: PM Modi said today, "Today is the first Monday of Sawan. An important session is starting on this auspicious day. I extend my greetings to the countrymen on the first Monday of Sawan. The monsoon session of Parliament is starting today. Today the whole country is looking at it. This should be a positive session."

Economic Survey 2024 Live: Congress MP Manickam Tagore said, ".We want the Finance Minister to address the real issues of jobless India, inflation, states being discriminated which are ruled by the opposition parties. We know that the government is working for the super-rich. They always forget the ordinary man in the whole game. In the past 10 years, we have seen such budgets that supported the super-rich and left the middle class, lower middle class and poor... They should be addressed..."

Economic Survey 2024 Live: Jairam Ramesh said that there is a need for several measures to support farmers as he called for granting legal status to the Minimum Support Price (MSP), determining MSP using the Swaminathan formula and implementing loan waivers ahead of the Budget.

Economic Survey 2024 Live: Prime Minister Narendra Modi said ahead of the presentation of Economic Survey, ".You must have seen that in the first Session of the Parliament, an attempt was made to stifle the voice of the government that has been elected with a majority by 140 crore people of the country. For 2.5 hours, an attempt was made to suppress the voice of the Prime Minister. The people of the country have sent us for the country and not for the party. This Parliament is for the country, not for the party."

Economic Survey 2024 Live: Prime Minister Narendra Modi said that it is a matter of great pride that India is the fastest growing among countries with large economies. In the last 3 years, we are moving ahead with a continuous growth of 8 per cent, PM Modi said ahead of the Budget.

Economic Survey 2024 Live: The stock market opened in the red as Indian shares traded on a lackluster today (July 22). This was primarily due to Reliance Industries and Wipro reporting quarterly results that fell short of expectations. Although, the stock market is experiencing increased volatility ahead of the Economic Survey today and Union Budget tomorrow.

Economic Survey 2024 Live: PM Narendra Modi said "It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time...I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This Budget is important budget for Amrit Kaal. Today's budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of 'Viksit Bharat'."