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 Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey
2024-25 in the Parliament on 31 January, 2025.
 The Economic Survey 2024-25 is divided into thirteen chapters.
 The Economic Survey 2024-25, authored by Chief Economic Advisor V. Anantha Nageswaran, highlights
deregulation as a key driver for domestic growth and economic resilience.

PREFACE OF ECONOMIC SURVEY 2024-25

 Preface underlines “DEREGULATION AS UNDERPINING” theme of economic survey 2024-25.
 The Preface of the Economic Survey 2024-25, tabled in Parliament today by Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman, argues for a philosophical approach to governance by rolling back
regulations significantly to accelerate economic growth and employment amidst unprecedented global
challenges.
 The Preface to the Survey observes that the world is evolving more rapidly than anticipated, with the year 2024
having witnessed political and economic uncertainties world over, especially Europe, and with elections in three
big democracies – India, USA and Indonesia.

Key points of Economic Survey 2024-25

 India's real GDP and GVA growth rate is estimated to be 6.4 percent in FY25. (FIRST ADVANCE ESTIMATES)
 The Real GDP is projected to grow at a rate of 6.3 percent to 6.8 percent in FY26.
 Thrust on grassroots-level structural reforms and deregulation to boost medium-term growth potential and
global competitiveness
 Geo-economic fragmentation (GEF) is replacing globalization leading to imminent economic realignments and
readjustments.
 Focus of reforms and ease of doing business 2.0 to create INDIA’S MITTELSTAND, i.e. india's sme sector.
 To facilitate private sector participation in infrastructure, the government has created mechanisms such as the
National Infrastructure Pipeline and the National Monetisation Pipeline.
 Capital expenditure (capex) has grown steadily from FY21 to FY24 and post-general elections, growing by 8.2
per cent during July-November 2024.
 Retail inflation declined from 5.4 per cent in FY24 to 4.9 per cent in April-December 2024.
 India’s consumer price inflation will remain in line with the 4 per cent target in FY26.
 Bank credit has grown at a steady pace, roughly equal to deposit growth.
 GNPA of scheduled commercial banks reduced to 2.6%, the lowest in 12 years.
 Resolution of 1068 schemes under the Insolvency and Bankruptcy Code till September 2024 generated revenue
of Rs 3.6 lakh crore.
 BSE market capitalization as a proportion of GDP stood at 136% at the end of December 2024.
 Total exports grew by 6% (year-on-year) in the first 9 months of FY 2025.
 India is the second largest exporter in the world in the telecom, computer and information, services sector.
 Foreign exchange inflows of $640.3 billion, enough to cover 10.9 months of imports and nearly 90 per cent of
external debt.
 99 per cent of smartphones are now being manufactured domestically in the country, significantly reducing
India's import dependence.
 According to the WIPO Report 2022, India ranks sixth among the top 10 patent filing offices globally.
 A Rs 50,000 crore Atmanirbhar Bharat Fund set up to provide equity funding to MSMEs.
 India's services export growth rate during April-November FY25 was 12.1 per cent, showing a sharp increase as
compared to 5.7 per cent in FY24.
 Agriculture and allied activities sector contributes about 16% to the country's GDP for FY24 (PE) at current
prices.
 Kharif foodgrain production is expected to reach 1647.05 LMT in 2024, an increase of 89.37 LMT over the
previous year.

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 Fisheries sector has recorded the highest CAGR of 8.7% during 2011-12 to 2021-22, followed by animal
husbandry sector with a CAGR of 5.8%.
 Installed power generation capacity from non-fossil fuel sources is 46.8% of the total generation capacity.
 Additional carbon sink of 2.29 billion tonnes of CO2 equivalent created during 2005 to 2023.
 Social sector expenditure is projected to grow at an annual growth rate of 15 per cent from FY21 to FY25.
 Government health expenditure increased from 29.0% to 48.0%, the share of out-of-pocket expenditure in
total health expenditure of the people decreased from 62.6% to 39.4% between FY15 and FY22.
 Unemployment rate decreased from 6% in 2017-18 to 3.2% in 2023-24.
 Growing digital economy and renewable energy sector provide great opportunities for job creation, which is
essential to achieve the vision of developed India.
 Collaborative efforts are needed between government, private sector and academia to mitigate the adverse
societal impacts of AI-driven transformation.
 Ease of Doing Business (EoDB) 2.0 should be a state government-led initiative focused on fixing the root
causes behind the unease of doing business.

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1-STATE OF THE ECONOMY: GETTING BACK INTO THE FAST LANE

 The global economy exhibited steady yet uneven growth across regions in 2024. In this global context, India
displayed steady economic growth.
 India's real GDP growth is estimated at 6.4 per cent in FY25 (as per first advance estimates of national
income), which equates nearly to its decadal average.
 Real gross value added (GVA) is also estimated to grow by 6.4 per cent FY25.
 The global economy on an average grew by 3.3 per cent in 2023 against the IMF projection of 3.2 per cent
growth in the next five years.
 The real GDP growth in FY26 is expected to grow between 6.3 and 6.8 per cent, keeping in mind the
upsides and downsides to growth.
 Thrust on grassroots-level structural reforms and deregulation to reinforce the medium-term growth
potential and boost global competitiveness of Indian economy.
 Geopolitical tensions, ongoing conflicts and global trade policy risks continue to pose significant challenges to
the global economic outlook.
 Retail headline inflation has softened from 5.4 per cent in FY24 to 4.9 per cent in April –December 2024.
 Capital expenditure (CAPEX) improved continuously from FY21 to FY24. Post general elections, CAPEX grew
YOY by 8.2 per cent during July –November 2024.
 India accounts for seventh-largest share in global services exports, underscoring India’s global competitiveness
in the sector.
 During April to December 2024, non-Petroleum and non-Gems & Jewellery exports went up by 9.1 per cent
reflecting resilience of India’s merchandise exports amid volatile global conditions.
 The agriculture sector is expected to rebound to a growth of 3.8 percent in FY25.
 From the angle of aggregate demand in the economy, private final consumption expenditure at constant prices
is estimated to grow by 7.3 per cent, driven by a rebound in rural demand.
 Growth in the services sector is expected to remain robust at 7.2 per cent, driven by healthy activity in
financial, real estate, professional services, public administration, defence, and other services.

2-MONETARY AND FINANCIAL SECTOR DEVELOPMENTS: THE CART AND THE HORSE
 Bank credit has grown at a steady rate with credit growth converging towards deposit growth.
 Profitability of Scheduled Commercial Banks improved, reflected in a fall in gross non-performing assets
(GNPAs) and rise in capital to risk weighted asset ratio (CRAR).
 Credit growth outpaced nominal GDP growth for two successive years. The credit-GDP gap narrowed to (-)
0.3 per cent in Q1 of FY25 from (-) 10.3 per cent in Q1 of FY23, indicating sustainable bank credit growth.
 Banking sector exhibits improvement in asset quality, robust capital buffers, and strong operational
performance.
 The gross non-performing assets (GNPAs) of Scheduled Commercial Banks declined to a 12-year low of 2.6
per cent of gross loans and advances at the end of September 2024.
 Under Insolvency and Bankruptcy Code, ₹3.6 lakh crore realized in resolution of 1,068 plans till September
2024. It amounts to 161 per cent against the liquidation value and 86.1 per cent of the fair value of the assets
involved.
 Indian stock markets outperformed its emerging market peers despite election-driven market volatility
challenges.
 The total resource mobilisation from primary markets (equity and debt) stands at ₹11.1 lakh crore from April to
December 2024, five per cent more than the amount mobilised during FY24.
 BSE stock market capitalisation to GDP ratio stood at 136 per cent at the end of December 2024, far higher
than other Emerging Market Economies like China (65 per cent) and Brazil (37 per cent).
 India’s insurance market continued its upward trajectory, with total insurance premiums growing by 7.7 per
cent in FY24, reaching ₹11.2 lakh crore.
 India's pension sector experienced significant growth, with the total number of pension subscribers

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growing by 16 per cent (YoY) as of September 2024.

 At the end of November 2024, the growth in overall bank credit moderated to 11.8 per cent (YoY) from 15.2 per
cent a year ago over the same period. Moreover, the growth in overall bank credit up to 27 December 2024 in
the current financial year moderated to 7.7 per cent.

3-EXTERNAL SECTOR: GETTING FDI RIGHT

 India’s external sector continues to display resilience amidst global uncertainties and headwinds.
 Overall exports (merchandise + services) grew by 6 per cent (YOY) in the first nine months of FY25.
Services sector by 11.6 per cent during the same time. Total imports during the same period registered a
growth of 6.9 per cent.
 India commands 10.2 per cent of the global export market in ‘Telecommunications, Computer, &
Information Services’, ranking 2nd largest exporter in the world, as per UNCTAD.
 India’s current account deficit (CAD) stood at 1.2 per cent of GDP in Q2 of FY25, supported by rising net
services receipts and an increase in private transfer receipts.
 Gross Foreign Direct Investment (FDI) inflows recorded a revival in FY25, increasing from USD 47.2 billion in
the first eight months of FY24 to USD 55.6 billion in the same period of FY25, a YoY growth of 17.9 per cent.
 India’s FOREX reserves stood at USD 640.3 billion as of the end of December 2024, sufficient to cover 10.9
months of imports and approximately 90 per cent of the country’s external debt.
 India’s external debt remained stable over the past few years, with the external debt to GDP ratio standing
at 19.4 per cent at the end of September 2024.
 While services sector remained the largest recipient of FDI, accounting for 19.1 per cent of total equity inflows
in H1 of FY25, and other significant sectors attracting foreign investments included computer software and
hardware (14.1 per cent), trading (9.1 per cent), non-conventional energy (7 per cent), and cement & gypsum
products (6.1 per cent).
 India's B2C e-commerce market was valued at US$83 billion in 2022 and is projected to grow to US$150 billion
by 2026 with a CGPR of 15.9 percent.
 India's textile sector a matter of pride and strength: India exported textile goods worth US$34 billion in 2023,
with apparel accounting for 42 percent of the export basket.
 Remittances: India continued to be the world’s largest recipient of remittances, supported by strong job
markets in OECD economies. In the year 2024, India has secured the first position in terms of receiving
remittances with $ 129 billion.
 Current Account Deficit (CAD): CAD remained manageable at 1.2% of GDP in Q2 FY25 due to robust
remittance inflows and a services trade surplus.

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4-PRICES AND INFLATION: UNDERSTANDING THE DYNAMICS

 As per the IMF, the global inflation rate moderated to 5.7 per cent by 2024 from its peak of 8.7 per cent in
2022.
 Retail inflation in India saw a reduction from 5.4 per cent in FY24 to 4.9 per cent in FY25 (April-December
2024).
 RBI and the IMF project India’s consumer price inflation will gradually align with the target of around 4 per
cent in FY26.
 Development of climate-resilient crop varieties and enhanced farming practices are essential to mitigate the
effects of extreme weather events and achieve long-term price stability.

5-MEDIUM TERM OUTLOOK: DEREGULATION DRIVES GROWTH

 Indian economy is in the middle of a change that represents an unprecedented economic challenge and
opportunity. Geo-Economic Fragmentation (GEF) is replacing globalization leading to imminent
economic realignments and readjustments.
 To realize the vision of Viksit Bharat by 2047 India will need to achieve a growth rate of around 8 per cent at
constant prices, on average, for about a decade or two.
 The Medium-term growth outlook for India must consider the new global realities - GEF, China's
manufacturing prowess, and dependency of efforts for energy transition on China.
 India to focus on systematic deregulation to reinvigorate the domestic levers of growth and empower
individuals and organisations to pursue legitimate economic activity with ease.
 Systemic deregulation or enhancing economic freedom for individuals and small businesses is arguably
the most important policy priority to bolster India's medium-term growth prospects.
 Focus of reforms and economic policy must now be on systematic deregulation under Ease of Doing Business
2.0 and creation of a viable Mittelstand, i.e. India's SME sector.
 In the next step, States must work on liberalising standards and controls, setting legal safeguards for
enforcement, reducing tariffs and fees, and applying risk-based regulation.
 China’s share of solar panels (polysilicon, ingots, wafers, cells, and modules) exceeds 80 per cent in all the
manufacturing stages.
 China also houses nearly 80 per cent of the world's battery manufacturing capacity, pivotal to the energy
transition. About 60 per cent of the world's wind installed capacity is sourced from China.

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6-INVESTMENT AND INFRASTRUCTURE: KEEPING IT GOING

 The central focus of the Government in the last five years was on increasing public spending on infrastructure,
and speeding up approvals and resource mobilization.
 The Union Government‘s capital expenditure on key infrastructure sectors has grown at a rate of 38.8
per cent from FY20 to FY24.
 Under railway connectivity, 2031 km of railway network was commissioned between April and November,
2024, and 17 new pairs of Vande Bharat trains were introduced between April and October 2024.
 Under road network, 5853 km of National Highways was constructed in FY25 (April-Dec).
 Under National Industrial Corridor Development Programme, a total of 383 plots covering 3788 acres have
been allotted for industrial use for various sectors in phase 1.
 Operational efficiency improved reduction in average container turnaround time in major ports from 48.1
hours in FY24 to 30.4 hours during FY25 (Apr-Nov), significantly improving port connectivity.
 A 15.8 per cent year-on-year increase in renewable energy capacity of solar and wind power by December
2024.
 The share of renewable energy in India’s total installed capacity now stands at 47 per cent.
 Government’s schemes like the DDUGJY and the SAUBHAGYA improved electricity access in rural areas,
electrifying 18,374 villages and providing electricity to 2.9 crore households.
 The government’s digital connectivity initiatives have gained traction, particularly with the rollout of 5G
services across all states and union territories by October 2024.
 Efforts to provide 4G mobile services to remote areas under the Universal Service Obligation Fund (now Digital

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Bharat Nidhi) have made significant strides, with over 10,700 villages covered by December 2024.
 Under the Jal Jeevan Mission, over 12 crore families have gained access of piped drinking water since its
launch.
 Under Phase II of the Swachh Bharat Mission-Grameen, during April to November 2024, 1.92 lakh villages were
incrementally declared ODF Plus under the model category, taking the total number of ODF Plus villages to
3.64 lakh.
 In urban areas, the Pradhan Mantri Awas Yojana has completed over 89 lakh houses.
 City transportation network is expanding rapidly, with metro and rapid rail systems operational or under
construction in 29 cities, covering over 1,000 kilometers.
 Real Estate (Regulation & Development) Act, 2016, ensured regulation and transparency of Real Estate sector.
By January 2025, over 1.38 lakh real estate projects registered, and 1.38 lakh complaints were resolved.
 India currently operates 56 active space assets. The government‘s Space Vision 2047 includes ambitious
projects like the Gaganyaan mission and the Chandrayaan-4 Lunar Sample Return Mission.
 Public sector investment alone cannot meet the requirements of infrastructure, and private sector
participation will be crucial to bridge the gap.
 The government has created mechanisms such as the National Infrastructure Pipeline and National
Monetisation Pipeline to facilitate private sector involvement in infrastructure.

7-INDUSTRY: ALL ABOUT BUSINESS REFORMS

 The industrial sector expected to grow by 6.2 per cent in FY-25 (first advance estimates), driven by robust
growth in electricity and construction.
 With 2.8 per cent of the global share in manufacturing and with increasing shift of manufacturing production
towards emerging economies like India and China; India stands a good chance of benefiting from trends in
global industrial diversification.
 The government has been actively promoting Smart Manufacturing and Industry 4.0, supporting the
establishment of SAMARTH Udyog centres.
 In FY24, the Indian automobile domestic sales grew by 12.5 per cent.
 The domestic production of electronic goods has grown at a CAGR of 17.5 per cent from FY15 to FY24.
 99 per cent smartphones now manufactured domestically, drastically reducing India’s dependence on
imports.
 The total annual turnover of pharmaceuticals in FY24 was ₹4.17 lakh crore, growing at an average rate of
10.1 per cent in the last five years.
 As per the WIPO Report 2022, India ranks sixth among the top 10 patent filing offices globally.
 Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant sector of the Indian
economy.
 To provide equity funding to MSMEs with the potential to scale up, the government launched the Self-Reliant
India Fund with a corpus of ₹50,000 crore.

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 The government is implementing the Micro and Small Enterprises-Cluster Development Programme to
develop clusters across the country.
 AS OF 26 NOVEMBER, 2024, msmes HAVE REPORTED EMPLOYING 23.24 CRORE INDIVIDUALS.
 On the front of facilitating credit to MSMEs, the Survey mentions a revamp of the Credit Guarantee Scheme
for Micro and Small Enterprises (CGTMSE) was undertaken with ₹9,000 crore in the corpus of the Credit
Guarantee Fund Trust for MSEs. This aimed to facilitate an additional ₹2 lakh crore credit for MSEs at reduced
interest rates.
 India is the second largest cement producer in the world after China.
 The textile industry is a major employment creator and accounts for about 11 per cent of India's manufacturing
GVA. India is a major producer of jute and ranks second globally in cotton, silk and man-made fibre
production.
 Indian pharmaceutical industry is the world’s third-largest by volume.
 The medical devices industry in India is experiencing rapid growth, with a CAGR of approximately 15 per cent.
 Some states like Gujarat, Uttarakhand and Himachal Pradesh are able to leverage their heavy dependence on
the industrial sector to generate a reasonable level of income for their people.
 The Survey specifies that four states—the western states of Gujarat and Maharashtra and the southern states
of Karnataka and Tamil Nadu— account for about 43 per cent of the total industrial GSVA. In contrast, the
Survey mentions, six states of the Northeast (excluding Sikkim and Assam), account for only 0.7 per cent of
the industrial GVA.
 The mining sector contributes about 8 per cent to the total industrial output.

8-SERVICES: NEW CHALLENGES FOR THE OLD WAR HORSE

 The service sector’s contribution to total GVA has risen from 50.6 per cent in FY14 to 55.3 per cent in FY25
(First Advance Estimates).
 The average growth rate of the services sector was 8 per cent in the pre-pandemic years (FY13 -FY20). It stood
at 8.3 per cent in the post-pandemic period (FY23–FY25).
 India held a 4.3 per cent share in global services exports in 2023, ranking seventh worldwide.
 The ‘Other Business Services sector’ also plays a crucial role, with India holding 7.2 per cent of the world share
(ranking 3rd largest exporter in the world), driven by its expertise in professional and consulting services.
 India’s services export growth surged to 12.8 per cent during April–November FY25, up from 5.7 per cent in
FY24.
 Information and computer-related services grew at a trend rate of 12.8 per cent over the last decade (FY13–
FY23), increasing their share of overall GVA from 6.3 per cent to 10.9 per cent.
 Indian Railways recorded an 8 per cent growth in passenger traffic originating in FY24. Revenue-earning
freight in FY24 grew by 5.2 per cent.
 The tourism sector’s contribution to GDP returned to its pre-pandemic level of 5 per cent in FY23.

9-AGRICULTURE AND FOOD MANAGEMENT: SECTOR OF THE FUTURE

 The ‘Agriculture and Allied Activities‘ sector contributes approximately 16 per cent of the country’s GDP for
FY24 (PE) at current prices.
 The agriculture sector recorded a growth rate of 3.5 in the second quarter of the financial year 2024-25.
 High-value sectors like horticulture, livestock, and fisheries have become key drivers of overall agricultural
growth.
 Kharif foodgrain production for 2024 is expected to reach 1647.05 Lakh Metric Tonnes (LMT), an increase of
89.37 LMT from the previous year.
 For the fiscal year 2024-25, the MSP for Arhar and Bajra has been increased by 59 per cent and 77 per cent
over the weighted average cost of production, respectively.
 The fisheries sector has shown the highest compound annual growth rate (CAGR) of 8.7 per cent, followed by
livestock with a CAGR of 8 per cent.

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 National Food Security Act (NFSA) 2013 and the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)
marked a fundamental shift in the approach to food security. The provision of free food grains under PMGKAY
has been extended for the next five years from January 1, 2024.
 As of 31st October, over 11 crore farmers have benefitted under PM-KISAN, while 23.61 lakh farmers are
enrolled under PM Kisan Mandhan.
 Sustained and stable growth of agriculture is around 5%, while the overall Gross Value Added (GVA) is 20%,
which will contribute 1% increase in GVA.
 With an aim to promote sustainable agriculture and crop diversification, the government has increased the
MSP for nutri cereals (Shri Anna), pulses and oilseeds.
 Schemes including Kisan Credit Card (KCC) and Modified Interest Subsidy Scheme (MISS) have reduced
dependence on non-institutional credit sources to about 25% in 2021-22 from 90% in 1950.

10-CLIMATE AND ENVIRONMENT: ADAPTATION MATTERS

 India’s ambition to achieve developed nation status by 2047 is fundamentally anchored in the vision of
inclusive and sustainable development.
 India has installed electricity generation capacity of 2,13,701 megawatts from non-fossil fuel sources, which
accounts for 46.8 per cent of the total capacity as of 30 November 2024.
 As per the Forest Survey of India 2024 an additional carbon sink of 2.29 billion tonnes CO 2 equivalent has been
created between 2005 and 202
 The India-led global movement, Lifestyle for Environment (LiFE), aims to enhance the country’s sustainability
efforts.
 By 2030, it is estimated that LiFE measures could save consumers around USD 440 billion globally through
reduced consumption and lower prices.

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11-SOCIAL SECTOR: EXTENDING REACH AND DRIVING EMPOWERMENT

 The social services expenditure of the government (combined for Centre and States) increased at a compound
annual growth rate of 15 per cent from FY21 to FY 25.
 Gini coefficient, a measure of inequality in consumption expenditure, is declining. For rural areas it declined to
0.237 in 2023-24 from 0.266 in 2022-23, and for urban areas, it fell to 0.284 in 2023-24 from 0.314 in 2022-
23.
 Various fiscal policies of the government are aiding in reshaping the income distribution.
 Government health expenditure increases from 29.0 per cent to 48.0 per cent; share of out-of-pocket
expenditure in total health expenditure declines from 62.6 per cent to 39.4 per cent, reducing financial
hardship endured by households.
 The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) has played a decisive role in the
significant reductions in expenditure with over ₹1.25 lakh crore in savings being recorded.
 The strategy of ―Localisation of Sustainable Development Goals (SDGs) has been adopted to ensure that
budgets at the Gram Panchayat levels align with the SDG objectives.

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12-EMPLOYMENT AND SKILL DEVELOPMENT: EXISTENTIAL PRIORITIES

 Indian labour market indicators have improved with unemployment rate declining to 3.2 per cent in 2023-24
(July-June) from 6.0 per cent in 2017-18 (July-June).
 With around 26 per cent of the population in the age group of 10-24 years, India stands at the cusp of a unique
demographic opportunity, as one of the youngest nations globally.
 To give a fillip to women's entrepreneurship,
the government has launched several
initiatives in terms of easier access to credit,
marketing support, skill development, and
support to women start-ups, etc.
 The growing digital economy and renewable
energy sectors are providing enhanced
opportunities for job creation, essential for
achieving the Viksit Bharat’s vision.
 The government is establishing a resilient
and responsive skilled ecosystem to keep
pace with emerging global trends such as
automation, generative AI, digitalisation, and the effects of climate change.
 The Government has implemented measures to boost employment, foster self-employment, and promote
worker welfare.
 The recently launched PM-Internship Scheme is emerging as a transformative catalyst for employment
generation.
 The net payroll additions under EPFO have more than doubled in the past six years, signalling healthy growth
in formal employment.

13-LABOUR IN THE AI ERA: CRISIS OR CATALYST?

 Developers of Artificial Intelligence (AI) promise to usher in a new age, where a bulk of the economically
valuable work is automated.
 AI is anticipated to surpass human performance in critical decision-making across various fields, including
healthcare, research, criminal justice, education, business, and financial services.
 Barriers to large-scale AI adoption persist in
the present, which include concerns over
reliability, resource inefficiencies, and
infrastructure deficits. These challenges, along
with AI’s experimental nature, create a window
for policymakers to act.
 Fortunately, due to AI presently being in its
infancy, India is afforded the time necessary to
strengthen its foundations and mobilise a
nation-wide institutional response.
 Leveraging its young, dynamic, and tech-savvy
population, India has the potential to create a
workforce that can utilise AI to augment their
work and productivity.
 The future revolves around 'Augmented Intelligence', where the workforce integrates both human and machine
capabilities. This approach aims to enhance human potential and improve overall efficiency in job performance,
ultimately benefiting society as a whole.
 Collaborative effort between government, private sector, and academia essential to minimise adverse societal
effects of AI-driven transformation.

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TOP 20 MCQs – ECONOMIC SURVEY 2024-25

1. Consider the following statements according to 2. Consider the following statements according to
Economic Survey 2024-25. Economic Survey 2024-25.
1. Retail inflation has come down from 5.4% in FY24 to 4.9% 1. The agriculture sector is estimated to grow by 3.9 percent in
in FY25. FY 2025.
2. Food inflation has increased from 7.5% to 8.4%. 2. The gross value added (GVA) in agriculture is estimated to
Which of the above statements is/are correct? grow by 6.4 percent in FY 2025.
(a) Only 1 Which of the above statements is/are correct?
(b) Only 2 (a) Only 1
(c) Both the statements are not correct (b) Only 2
(d) Both the statements are correct (c) Both the statements are not correct
(d) Both the statements are correct
3. Consider the following statements. 4. Which of the following options is not correct with
1. According to the Economic Survey 2024-25, the reference to the Economic Survey 2024-25?
agriculture, industrial and services sectors recorded growth (a) This year's Economic Survey has been prepared by India's
of 3.5%, 6% and 7.1% respectively in the first half of FY25. Chief Economic Adviser V. Anantha Nageswaran and his
2. The industrial sector is estimated to grow by 6.2 per cent team.
in FY25. (b) According to the Economic Survey, real GDP growth is
Which of the above statements is/are correct? expected to be between 6.3% and 6.8% in FY 2026.
(a) Only 1 (c) The Economic Survey 2024-25 is divided into eleven
(b) Only 2 chapters.
(c) Both the statements are not correct (d) India's foreign exchange reserves are enough to cover 10
(d) Both the statements are correct months of imports and about 90% of the country's
external debt.
5. Consider the following statements according to 6. Consider the following statements according to
Economic Survey 2024-25- Economic Survey 2024-25.
1. India aims to limit consumer price inflation to 4 per cent in 1. The International Monetary Fund (IMF) has projected a
FY26. growth of 3.2% and 3.3% for the global economy in 2024 and
2. According to the World Bank's Commodity Markets 2025 respectively.
Outlook, October 2024, commodity prices are projected to 2. India's real GDP is projected to be 6.4% in FY 2025 (2024-
decline by 1.7 per cent in 2026. 25).
3. The global economy grew by 3.4% in 2023. 3. The services sector is the fastest growing sector with a rate
Which of the above statements is/are correct? of 7.2% in FY 2025.
(a) 1 and 2 only Which of the above statements is/are correct?
(b) 2 and 3 only (a) 1 and 2 only
(c) 1 and 3 only (b) 2 and 3 only
(d) (d) All of the above (c) 1 and 3 only
(d) All of the above
7. According to Economic Survey 2024-25, which of the 8. According to the Economic Survey 2024-25, what is
following is the wrong option? India's foreign exchange reserves as per the last known
(a) In 2024, India received the highest foreign remittance in data (December 2024)?
the world (139 billion dollars). (a) US$ 630.3 billion
(b) Reserve Bank of India (RBI) Financial Inclusion Index (b) US$ 635.3 billion
increased from 53.9 (in 2021) to 64.2 (in 2024). (c) US$ 638.3 billion
(c) RBI has kept the repo rate steady at 6.5%. While (d) US$ 640.3 billion
reducing the Cash Reserve Ratio (CRR) to 4%.
(d) In the first nine months of FY 2025, total exports
(goods and services) stood at US$ 602.6 billion and
imports at US$ 682.2 billion with a growth of 6.9%.

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9. Consider the following statements according to 10. Consider the following statements according to
Economic Survey 2024-25. Economic Survey 2024-25.
1. The Reserve Bank of India (RBI) expects the country's 1. To reach the target of Developed India 2047, India will have
inflation to be 4.2% in FY26. to grow at 8% annually for the next two decades.
2. The International Monetary Fund (IMF) has projected 2. The female labour force participation rate (LFPR) in India in
India's inflation to be 4.4% in FY26. FY 2025 is 41.7% which is lower than the global average of over
3. The International Monetary Fund (IMF) estimates that 50%.
India will become a USD 5 trillion economy by FY28 and a Which of the above statements is/are correct?
USD 6.3 trillion economy by FY2030. (a) Only 1
Which of the above statements is/are correct? (b) Only 2
(a) 1 and 2 only (c) Both the statements are not correct
(b) 2 and 3 only (d) Both the statements are correct
(c) 1 and 3 only
(d) All of the above
11. According to Economic Survey 2024-25, which of the 12. Consider the following statements as per Economic
following options is not correct? Survey 2024-25.
(a) India's AI market is going to grow at a CAGR of 25-35% 1. In the field of renewable energy and emissions, 46.8% of
by 2027. India's power capacity comes from non-fossil fuels, India aims
(b) Rural female labour force participation rate (LFPR) in to increase power generation capacity from non-fossil fuels to
India is expected to increase from 2017-18 to 41.7% 50% by the year 2030.
(2023-24) in FY 2025. 2. The number of Kisan Credit Cards launched to provide easy
(c) The working age population (15-59 years) in India will access to affordable credit to farmers to meet their agricultural
reach 923.9 million (by 2026 estimate). needs has reached 7.75 crores.
(d) 85 crore people are beneficiaries of free food grains 3. Solar power systems (solar rooftops) have been installed on
under Pradhan Mantri Garib Kalyan Anna Yojana 10 lakh rooftops so far under PM Surya Ghar.
(PMGKAY). Which of the above statements is/are not correct?
(a) Only 1
(b) Only 2
(c) Only 3
(d) All the statements are correct.
13. Consider the following statements according to 14. Consider the following statements as per Economic
Economic Survey 2024-25. Survey 2024-25.
1. 4 crore farmers have been enrolled under PM Fasal Bima 1. The contribution of the services sector to the Gross Value
Yojana in FY 2024 and the area covered under insurance has Added (GVA) has increased from 50.6 per cent in 2014 to
reached 600 lakh hectares. about 55 per cent in FY25.
2. Kharif foodgrain production for 2024 was 1647.05 lakh 2. The industrial sector is expected to grow by 6 per cent in
metric tonnes (LMT), 89.37 LMT higher than the previous FY25.
year. 3. The growth rate of steel production is 4.3 per cent in FY25
3. India ranks 7th with a 4.3% share in global service exports. and electronics production has reached Rs 9.52 lakh crore.
Which of the above statements is/are correct? 4. According to the World Intellectual Property Indicators
(a) 1 and 2 only (WIPO) Report 2022, India ranks sixth in terms of patent
(b) 1 and 3 only applications, with more than half of all filed applications being
(c) 2 and 3 only resident filings (55.2 per cent).
(d) All of the above Which of the above statements is/are correct?
(a) Only 1, 2 and 4
(b) Only 1 and 2
(c) Only 1, 3 and 4
(d) Only 2 and 4

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15. Consider the following statements according to 16. Consider the following statements according to
Economic Survey 2024-25. Economic Survey 2024-25.
1. India's total installed power capacity is 456.7 GW with 1. In 2024, 1.92 lakh villages were declared Open Defecation
renewable energy contributing 47% (about 209.4 GW). Free (ODF+) under Swachh Bharat Mission (Phase II), taking
2. 5G services have been rolled out in 800 districts in India, the total number of villages in the country to 3.64 lakh with
with fibre reaching 2.14 lakh gram panchayats under the ODF+ status.
BharatNet scheme. 2. Under Deen Dayal Upadhyaya Gram Jyoti (DDUGJY) and
3. 1.18 crore houses were sanctioned under the Pradhan Saubhagya Yojana, 18,374 villages were electrified, providing
Mantri Awas Yojana (PMAY) and 15.3 crore families (79.1%) electrification to 2.9 crore households.
benefitted from Jal Jeevan Mission. 3. Between April and November 2024, 2231 km of railway
Which of the above statements is/are correct? network was added and 16 new Vande Bharat trains were
(a) 1 and 2 only introduced.
(b) 1 and 3 only Which of the above statements is/are correct?
(c) 2 and 3 only (a) 1 and 2 only
(d) All of the above (b) 2 and 3 only
(c) 1 and 3 only
(d) All of the above
17. Consider the following statements according to 18. Consider the following statements according to
Economic Survey 2024-25. Economic Survey 2024-25.
1. 6,215 km of national highways were constructed in 2024 1. More than 700 air routes have been launched under the
under the Bharatmala Pariyojana. UDAN scheme and 88 airports across the country have been
2. Agriculture and allied sectors contributed 16 per cent to the connected with this scheme.
gross domestic product (GDP) in FY 2024. 2. The unemployment rate in the country has come down from
3. As of October 31, 2024, 23.61 lakh farmers have benefited 6 percent in the year 2017-18 to 4.2 percent in the year 2023-
under the PM Kisan Yojana. 24.
4. Kharif foodgrain production is expected to reach 1647.05 Which of the above statements is/are not correct?
lakh metric tonnes (LMT) in 2024, which is 89.37 LMT more (a) Only 1
than last year. (b) Only 2
Which of the following statements is/are correct? (c) Both the statements are not correct
(a) Only 1, 2 and 4 (d) Both the statements are correct
(b) Only 1 and 3
(c) Only 2, 3 and 4
(d) Only 1, 2 and 3
19. Consider the following statements according to 20. Consider the following statements according to the
Economic Survey 2024-25. Economic Survey 2024-25.
1. Government expenditure on health has increased from 29 1. India's strong service exports have pushed the country to the

per cent to 48 per cent, while people's expenditure on health seventh position in global service exports in 2023 with a share of
4.3%.
has decreased from 62.6 per cent to 39.4 per cent.
2. India's share in the global export market of the
2.Solar and wind power grew by 15.8 per cent year-on-year in
telecommunications, computer and information services sector is
December 2024.
10.2%. According to the United Nations Conference on Trade and
Which of the above statements is/are not correct?
Development (UNCTAD), India ranks first in the world in this sector.
(a) Only 1 Which of the above statements is/are correct?
(b) Only 2 (a) Only 1
(c) Both the statements are not correct (b) Only 2
(d) Both the statements are correct (c) Both the statements are not correct
(d) Both the statements are correct

Answer Key
1-D 2-B 3-D 4-C 5-A 6-D 7-A 8-D 9-C 10-D
11-D 12-C 13-D 14-C 15-B 16-A 17-A 18-C 19-D 20-A

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