Editor – Chourasia Anshul
As an MBA aspirant soon to move into the professional world, you should begin to understand that India’s job market is an ever-changing game of chess. The Economic Survey of India gives one of the best overviews working within the important components of the country, i.e., GDP growth, trends relating to employment, and an emerging service sector. Coupled with projections that indicate robust GDP growth, the creation of tremendous employment opportunities, and a significant sectoral offshoot in areas such as services and technology startups, this survey provides much excitement into the kind of complex economic terrain of India that MBA professionals must come to grips with. Whether one envisions becoming a pathbreaking leader within established industries toward driving strategic growth, or an innovator within emerging industries, the Economic Survey is an invaluable resource for better- informed career decisions in today’s competitive job market.
What is an Economic Survey?
An Economic Survey is a yearly report card that assesses the performance of the Indian economy in the year gone by and discusses the outlook for the next financial year. This sheds light on the overview of the Indian economy with regard to its performance, current status, growth prospects, challenges faced by the economy, and policy recommendations to overcome such challenges. It helps one to understand just how the economy of the country fared last year and makes smart choices on what to do next. The Economic Survey is prepared by the Chief Economic Advisor of India, V. Anantha Nageswaran, along with his team, and is presented one day prior to the Union Budget.
The Economic Survey looks very much sanguine about the economy at the moment but is coming with a rider. It observed that the Indian economy had consolidated its post-COVID recovery, with policymakers’ ensuring economic and financial stability. It also showed how resilient the Indian economy is to external challenges.
GDP Growth
The Economic Survey for the year 2024 highlights the robust economic performance of India and projects that real GDP growth for FY 2023-24 will be 8.2%, with three out of four quarters coming in above 8%. The forecast for FY 2024-25 provides for a growth rate between 6.5% and 7% at the time of estimation, subject to the global economic and political conditions. Despite many challenges, the Indian economy is holding its course on recovery path postpandemic, and real GDP is up 20% from its 2020 level—something that few other major economies have managed. The prospects beyond the immediate forecast period still remain on the positive side, mainly on account of the strong resilience in indicators and resurgence taking place in global economic activity. The survey underlines the resurgence of India from the COVID-19 pandemic and its capability to maintain robust growth amidst the background of continuous geopolitical, financial market, and climate-related uncertainties.
Employment Landscape
The E.S results in a good overview on the diverse faces of the Indian economy which is the employment landscape. It accentuates the crucial challenges and achievements, for instance the grim statistic that 51.25% of youth are employable at graduation due to lack of various necessary skills. Per capita income in India has been rising impressively since 1990 and has been projected to reach approximately Rs. 14.9 lakh by the year 2047, i.e. When India was expected to be much more developed and was deemed as a significant period to reconcile with the past mistakes. For the economy to absorb the growing workforce, it needs to generate some 78.5 lakh jobs every year till 2030. There has been an interesting observation that a large chunk of India’s workforce—57.3%—is self-employed while 18.3% are unpaid workers in household enterprises. Regional analysis shows that Tamil Nadu, Gujarat, and Maharashtra are states of employment-intensive factories, hence contributing much to the economy. However, small factories employing less than 100 people dominate the scene, although their contribution to employment, while showing an upward trend, is lower compared to that of bigger units. This is evident in the facts that net payroll additions to the Employee Provident Fund Organisation have reported a sharp jump and that, too, more than doubled in FY19, amounting to 61.1 lakhs, to 131.5 lakhs in FY 23-24, thereby displaying opportunities for formal enlistment. The PLI schemes have also played a very crucial role, bringing investments of Rs. 1.28 crore and 8.5 lakh jobs. However, as hard as it is for women to participate in certain factory procedures in the densely populated Indian states, other difficulties are also present. Despite the masses of turning towards urban areas for work, some positive trends are evident as the country’s rural wage growth of more than 5% year-on-year for the fiscal year of 2023-24 couples with the energetic growth of its agriculture.
Service Sector
India’s services sector, for the fiscal year of 2023-24, played and still plays the leading role as the most crucial contributor to economic growth by a share of about 55% in the. The sector has displayed a sustained growth in excess of 6% year-on-year for the last decade, except for the pandemic-hit FY 2020-21. Services exports have continued to be buoyant in the post-pandemic recovery path, recording 44% of India’s total exports in FY 2023-24. Services imports slowed marginally, declining by 2.1% year-on-year to USD 178.3 billion during the same period, reflecting the impact of lower average global freight rates. On the downside, though, FDI equity inflows in FY 2023-24 also mediated for the services sector in India, alike the overall trend. The Tech Startup ecosystem in India also transformed phenomenally, from around 2,000 startups way back in 2014 to about 31,000 by 2023, with EdTech being the lead sector in this vibrantly entrepreneurial ecosystem.
The Economic Survey of India gives an in-depth analysis of the state of the nation’s economy and elaborates extensively on its employment scene. It throws up startling facts, such as the study showing that at the end of their educational career, 51.25% of the country’s youth are declared unemployable due to deficient skills. India’s per capita income has increased more than seven times since 1990 and is likely to rise further to Rs. 14.9 lakh by 2047. The economy will have to create about 78.5 lakh jobs every year in the non-farm sector till 2030 if it has to absorb the swelling workforce. The survey said that 57.3% of workers are self-employed and that factory employment seems to be contributed largely by states such as Tamil Nadu, Gujarat, and Maharashtra. Despite the fairly positive indicators, like the formal job creation, seen in the doubling of net payroll additions with the retirement fund EPFO, worrying issues remain in the form of gender gaps in factory participation and sector-wise variances in FDI equity flows. Hence, the Survey presents an in-depth analysis of the employment scenario of the country but does that keeping in perspective both the achievements and areas that need to be kept under constant review for sustaining the growth impulses and generation of jobs.
Decoding India’s Job Market: Insights from the Economic Survey 2024 for MBA Graduates
As an MBA aspirant soon to move into the professional world, you should begin to understand that India’s job market is an ever-changing game of chess. The Economic Survey of India gives one of the best overviews working within the important components of the country, i.e., GDP growth, trends relating to employment, and an emerging service sector. Coupled with projections that indicate robust GDP growth, the creation of tremendous employment opportunities, and a significant sectoral offshoot in areas such as services and technology startups, this survey provides much excitement into the kind of complex economic terrain of India that MBA professionals must come to grips with. Whether one envisions becoming a pathbreaking leader within established industries toward driving strategic growth, or an innovator within emerging industries, the Economic Survey is an invaluable resource for better- informed career decisions in today’s competitive job market.
What is an Economic Survey?
An Economic Survey is a yearly report card that assesses the performance of the Indian economy in the year gone by and discusses the outlook for the next financial year. This sheds light on the overview of the Indian economy with regard to its performance, current status, growth prospects, challenges faced by the economy, and policy recommendations to overcome such challenges. It helps one to understand just how the economy of the country fared last year and makes smart choices on what to do next. The Economic Survey is prepared by the Chief Economic Advisor of India, V. Anantha Nageswaran, along with his team, and is presented one day prior to the Union Budget.
The Economic Survey looks very much sanguine about the economy at the moment but is coming with a rider. It observed that the Indian economy had consolidated its post-COVID recovery, with policymakers’ ensuring economic and financial stability. It also showed how resilient the Indian economy is to external challenges.
GDP Growth
The Economic Survey for the year 2024 highlights the robust economic performance of India and projects that real GDP growth for FY 2023-24 will be 8.2%, with three out of four quarters coming in above 8%. The forecast for FY 2024-25 provides for a growth rate between 6.5% and 7% at the time of estimation, subject to the global economic and political conditions. Despite many challenges, the Indian economy is holding its course on recovery path postpandemic, and real GDP is up 20% from its 2020 level—something that few other major economies have managed. The prospects beyond the immediate forecast period still remain on the positive side, mainly on account of the strong resilience in indicators and resurgence taking place in global economic activity. The survey underlines the resurgence of India from the COVID-19 pandemic and its capability to maintain robust growth amidst the background of continuous geopolitical, financial market, and climate-related uncertainties.
Employment Landscape
The E.S results in a good overview on the diverse faces of the Indian economy which is the employment landscape. It accentuates the crucial challenges and achievements, for instance the grim statistic that 51.25% of youth are employable at graduation due to lack of various necessary skills. Per capita income in India has been rising impressively since 1990 and has been projected to reach approximately Rs. 14.9 lakh by the year 2047, i.e. When India was expected to be much more developed and was deemed as a significant period to reconcile with the past mistakes. For the economy to absorb the growing workforce, it needs to generate some 78.5 lakh jobs every year till 2030. There has been an interesting observation that a large chunk of India’s workforce—57.3%—is self-employed while 18.3% are unpaid workers in household enterprises. Regional analysis shows that Tamil Nadu, Gujarat, and Maharashtra are states of employment-intensive factories, hence contributing much to the economy. However, small factories employing less than 100 people dominate the scene, although their contribution to employment, while showing an upward trend, is lower compared to that of bigger units. This is evident in the facts that net payroll additions to the Employee Provident Fund Organisation have reported a sharp jump and that, too, more than doubled in FY19, amounting to 61.1 lakhs, to 131.5 lakhs in FY 23-24, thereby displaying opportunities for formal enlistment. The PLI schemes have also played a very crucial role, bringing investments of Rs. 1.28 crore and 8.5 lakh jobs. However, as hard as it is for women to participate in certain factory procedures in the densely populated Indian states, other difficulties are also present. Despite the masses of turning towards urban areas for work, some positive trends are evident as the country’s rural wage growth of more than 5% year-on-year for the fiscal year of 2023-24 couples with the energetic growth of its agriculture.
Service Sector
India’s services sector, for the fiscal year of 2023-24, played and still plays the leading role as the most crucial contributor to economic growth by a share of about 55% in the. The sector has displayed a sustained growth in excess of 6% year-on-year for the last decade, except for the pandemic-hit FY 2020-21. Services exports have continued to be buoyant in the post-pandemic recovery path, recording 44% of India’s total exports in FY 2023-24. Services imports slowed marginally, declining by 2.1% year-on-year to USD 178.3 billion during the same period, reflecting the impact of lower average global freight rates. On the downside, though, FDI equity inflows in FY 2023-24 also mediated for the services sector in India, alike the overall trend. The Tech Startup ecosystem in India also transformed phenomenally, from around 2,000 startups way back in 2014 to about 31,000 by 2023, with EdTech being the lead sector in this vibrantly entrepreneurial ecosystem.
The Economic Survey of India gives an in-depth analysis of the state of the nation’s economy and elaborates extensively on its employment scene. It throws up startling facts, such as the study showing that at the end of their educational career, 51.25% of the country’s youth are declared unemployable due to deficient skills. India’s per capita income has increased more than seven times since 1990 and is likely to rise further to Rs. 14.9 lakh by 2047. The economy will have to create about 78.5 lakh jobs every year in the non-farm sector till 2030 if it has to absorb the swelling workforce. The survey said that 57.3% of workers are self-employed and that factory employment seems to be contributed largely by states such as Tamil Nadu, Gujarat, and Maharashtra. Despite the fairly positive indicators, like the formal job creation, seen in the doubling of net payroll additions with the retirement fund EPFO, worrying issues remain in the form of gender gaps in factory participation and sector-wise variances in FDI equity flows. Hence, the Survey presents an in-depth analysis of the employment scenario of the country but does that keeping in perspective both the achievements and areas that need to be kept under constant review for sustaining the growth impulses and generation of jobs.
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