Economic Survey 2023-24 Highlights India’s Economic Growth and Social Progress

New Delhi:  India’s high and sustained economic growth in recent years is being complemented by significant social and institutional progress, driven by the transformational and effective implementation of government programs. This is one of the key takeaways from the Economic Survey 2023-24, tabled in Parliament today by Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman.

The Survey emphasizes that the government’s spending on social services has shown a rising trend since FY16, focusing on various aspects of social well-being for the country’s citizens. Between FY18 and FY24, overall social welfare expenditure grew at a Compounded Annual Growth Rate (CAGR) of 12.8%, while health expenditure grew at a CAGR of 15.8%. In the Budget Estimates for 2023-24, total expenditure on social services reached Rs. 23.5 lakh crores, with health expenditure increasing to Rs. 5.85 lakh crores. This is a significant increase compared to 2017-18, where total expenditure on social services was Rs. 11.39 lakh crores, and health expenditure was Rs. 2.43 lakh crores.

The Survey highlights that as a percentage of GDP, expenditure on social services increased from 6.7% in 2017-18 to 7.8% in 2023-24. Correspondingly, health expenditure rose from 1.4% to 1.9% during the same period. These figures underscore the government’s commitment to improving the social infrastructure and healthcare system in the country.

The Survey also notes that as a percentage of total expenditure, spending on social services increased to 26% in the 2023-24 Budget Estimates, with health expenditure constituting 6.5% of the total. This indicates a growing focus on enhancing the quality of life for Indian citizens through increased investment in social sectors.