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Economic Survey: Spelling out the challenges
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Context
The Economic Survey 2023-24, an annual document by the Indian finance ministry, offers a realistic and detailed assessment of India's economic status, recovery post-pandemic, and the challenges ahead. It highlights the need for increased private sector investment, significant job creation, and overcoming external geopolitical and technological challenges to achieve sustained growth.
Economic Survey Highlights
- Assessment:The Economic Survey 2023-24 objectively evaluates India's economic state and growth prospects, noting a paradox where corporate profits and rising bank interest margins coexist with subdued private investment and limited productive employment growth.
- Paradox of Growth: Public sector investment has been driving capital formation, but there's a need for increased private sector investment in machinery and intellectual property.
- Public vs. Private Investment: Existing schemes like PLI and Mudra are inadequate for large-scale employment generation, and about half of college graduates are considered employable, highlighting a severe skill mismatch.
External Challenges and Policy Implementation
- Growth overestimation: India's journey to become Viksit Bharat by 2047 is fraught with geopolitical challenges, climate change, and AI advancements, which create barriers to sustained high growth rates.
- Insufficient Schemes: Achieving this goal requires a grand alliance between the Union and state governments and the private sector. While the Survey suggests various policy measures to address these issues, their effective implementation in the Union Budget remains uncertain.
- Skill Mismatch: India faces significant employment challenges, requiring 78.5 lakh non-farm jobs annually to absorb new labour market entrants and those leaving agriculture.
Mains Question:
Q. Discuss the key insights from the Economic Survey 2023-24 regarding India's economic growth, employment challenges, and external factors. How can the suggested policy measures be effectively implemented to achieve Viksit Bharat by 2047?
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