Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%

• Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-2024 in the Lok Sabha on Monday.
• The Union Budget 2024 is scheduled to be tabled on Tuesday, July 23.
• Industries grew by 9.5% in FY24 as per the Economic Survey 2024.

Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. The upcoming budget will be the first budget in the third term of the Narendra Modi-led government.

As per the Economic Survey, India’s real gross domestic product (GDP) grew by 8.2% in FY24, while global economic growth was at 3.2% in 2023.

What is an Economic Survey?

The Economic Survey is a is a report card on the economy and presents the growth outlook of the country. It is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.


It provides statistical information and analyses the various sectors of the economy, economic growth, employment, inflation and more.

Industries grow by 9.5%

As per the report, the economic growth of 8.2% was fueled by an industrial growth of 9.5%. The manufacturing and construction sector nearly doubled, while other sectors also reported growth.

The manufacturing sector has achieved an average annual growth rate of 5.2% in the last decade. Chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment have emerged as the key drivers of the sector.

From an importer, India has emerged as a net exporter of finished steel products in the last decade and the industry has achieved its best-ever numbers in FY24.

Another area where imports have been reigned is coal. Coal production in India has rapidly grown over the last five years, reducing import dependence. In FY24, India produced 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes.

The export of textiles and apparel increased by 1% in FY24, reaching ₹2.97 lakh crore.

The electronics industry, a key sector has reported good growth in the last decade. While the domestic production of electronic items increased to ₹8.22 lakh crore, the exports increased to ₹1.9 lakh crore.

Patents are a key part of an industry’s growth as they show an investment in research and development. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24.

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