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The Economic Survey 2024-25 – II serves as a vital policy document providing an in-depth analysis of India’s economic trajectory, highlighting key macroeconomic trends, sectoral developments, and growth strategies. Understanding its nuances is crucial for UPSC aspirants, particularly for Prelims (Economy Section), Mains (GS Paper III – Indian Economy), and Essay writing. This document presents a comprehensive summary of the survey’s major findings and implications.
GDP Growth and Fiscal Trends
India’s GDP growth projected at 6.7% for 2024-25, driven by robust domestic demand and structural reforms.
Fiscal deficit target lowered to 5.2%, aiming for 4.5% by 2027.
Government’s focus on capital expenditure-led growth to sustain long-term economic momentum.
Inflation and Monetary Policy
Inflation controlled within the 4-6% range, backed by monetary tightening and supply-side interventions.
RBI’s inflation targeting mechanism remains effective, ensuring economic stability.
Agriculture and Rural Development
Agri-tech innovations and digitization to improve productivity.
Increased budgetary support for PM-KISAN, MSP reforms, and rural infrastructure development.
Promotion of climate-resilient agriculture and organic farming.
Industry, Manufacturing, and Infrastructure
Expansion of Production Linked Incentive (PLI) schemes in key sectors.
Strengthening Make in India and local supply chains.
Investment in infrastructure, roads, railways, and logistics parks.
Services Sector and Digital Economy
Growth in IT, fintech, and digital payments ecosystem.
Strengthening of Digital Public Infrastructure (DPI) and AI-driven governance.
Skill development programs to enhance workforce productivity.
Renewable Energy and Climate Initiatives
Expansion of solar, wind, and green hydrogen projects.
Government incentives for EV adoption and clean energy startups.
Policies supporting net-zero emissions and carbon trading mechanisms.
Financial Inclusion and Digital Transformation
Growth in UPI transactions and digital banking penetration.
Blockchain integration in land records and financial services.
Initiatives for inclusive financial access in rural areas.
Employment Generation and Skill Development
Expansion of National Apprenticeship Promotion Scheme.
Increased investment in vocational training and digital skills.
Strengthening of startup and MSME ecosystems to drive job creation.
Social Welfare and Health Initiatives
Healthcare sector reforms: Expansion of PM-JAY and digitization of health records.
Focus on nutrition programs and maternal health.
Strengthening public education and NEP implementation.
Global and Domestic Risks
External risks from geopolitical tensions and commodity price volatility.
Need for stronger revenue mobilization and taxation reforms.
Addressing rural distress and urban infrastructure gaps.
Policy Roadmap for Sustainable Growth
Focus on inclusive economic development and fiscal sustainability.
Strengthening India’s position in global supply chains.
Accelerating climate action and digital transformation.
Prelims Focus Areas
Key statistics: GDP growth, fiscal deficit, inflation trends.
Major schemes: PLI, PM-KISAN, DPI, UPI expansion.
Mains and Essay Topics
GS Paper III: Economic growth, infrastructure, digital economy.
GS Paper II: Governance, financial inclusion, sustainability.
Essay Topics: “India’s Economic Future: Growth vs. Stability”.
The Economic Survey 2024-25 – II offers a forward-looking analysis, balancing economic expansion, fiscal prudence, and innovation-driven growth. For UPSC aspirants, a deep understanding of this document enhances their ability to analyze economic policies critically and address key issues in the examination.
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