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The Economic Survey 2024-25 serves as a crucial policy document that outlines India’s economic performance over the past year and provides a roadmap for future growth. As a preparatory guide for UPSC aspirants, this document covers key aspects of economic development, policy reforms, and innovative measures driving India’s progress. Understanding the survey is essential for Prelims, Mains (GS Paper III – Indian Economy), and Essay writing
Key Themes
Sustained Economic Growth: India’s projected GDP growth remains in the 6.5-7% range, supported by robust domestic demand and external resilience.
Fiscal Consolidation: Reducing fiscal deficit while balancing expenditure on welfare and infrastructure.
Innovation and Digital Transformation: Emphasis on AI, fintech, and startup ecosystem.
Green Economy and Sustainability: Policies for climate resilience and renewable energy expansion.
Economic Survey vs. Union Budget
The Economic Survey provides analytical insights, while the Union Budget focuses on fiscal allocations.
The survey influences policy formulation and long-term planning.
GDP Growth and Macroeconomic Stability
India maintains one of the fastest growth rates among major economies.
Inflation remains within the 4-6% range, ensuring monetary stability.
Agriculture and Rural Economy
Technological interventions in farming through agri-tech startups.
PM-KISAN and MSP reforms for farmer welfare.
Growth in rural employment and MNREGA performance.
Industry and Manufacturing
Expansion of PLI (Production Linked Incentive) schemes.
Strengthening Make in India and global supply chain integration.
Services Sector & Digital Economy
Growth in IT, fintech, and digital payments ecosystem.
Policies for expanding tourism, education, and healthcare services.
Digital Public Infrastructure
Expansion of UPI, Aadhaar-linked services, and AI-based governance.
Growth in e-governance and digital financial inclusion.
Artificial Intelligence and Startups
Government initiatives to promote AI innovation and skill development.
Strengthening the startup ecosystem with better access to capital.
Fintech and Financial Inclusion
Strengthening financial literacy programs and digital banking solutions.
Blockchain applications in governance and digital asset regulation.
Renewable Energy and Climate Resilience
Increased investments in solar, wind, and hydrogen energy projects.
Policies for reducing carbon emissions and climate adaptation.
Circular Economy and Waste Management
Expanding recycling industries and sustainable manufacturing.
Strengthening regulations on plastic waste and e-waste management.
Sustainable Urban Development
Promoting smart cities and efficient urban transport solutions.
Strengthening policies for affordable housing and infrastructure development.
Global Uncertainties
Impact of geopolitical tensions and global trade fluctuations.
Measures to strengthen India’s position in global value chains.
Domestic Policy Challenges
Need for structural reforms in taxation, labor laws, and governance.
Bridging the gap between urban and rural development.
The Road Ahead
Strengthening the Indian economy through inclusive and sustainable growth.
Promoting technology-driven governance and innovation-driven development.
Prelims Preparation
Important data: GDP growth, inflation, fiscal deficit targets.
Key schemes: PM-KISAN, PLI, AI initiatives, fintech policies.
Mains Answer Writing
GS Paper III: Economic development, agriculture, digital economy.
GS Paper II: Governance and digital public infrastructure.
Essay Topics: “Economic Growth vs. Sustainable Development”.
The Economic Survey 2024-25 outlines a blueprint for growth and innovation, balancing economic expansion with sustainability and technological advancement. For UPSC aspirants, understanding this document will enhance analytical skills and provide critical insights into India’s economic policy-making and governance.
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