India’s Employment Landscape: Progress and Challenges Highlighted in Economic Survey 2023-24 - The Economic Survey 2023-24, unveiled by Finance Minister Nirmala Sitharaman in Parliament, shed light on the significant improvements in India's employment scenario over the past decade. However, it also underscored ongoing challenges such as formalising the workforce, generating jobs for those transitioning from agriculture, and providing social security for regular wage earners and salaried employees.

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Key Highlights from the Economic Survey 2024
The Economic Survey, a comprehensive review and annual report of the Indian economy, was presented by Finance Minister Nirmala Sitharaman in Parliament today. Prepared by the Economics Division of the Department of Economic Affairs under the guidance of India’s Chief Economic Advisor (CEA), the document was released on July 22, a day ahead of the Budget announcement.

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Focus on Foreign Direct Investment from China
India’s Chief Economic Advisor, V. Anantha Nageswaran, emphasized in the Survey that India could benefit from integrating into China’s supply chain or by promoting foreign direct investment (FDI) from China to enhance global exports. Nageswaran pointed out that focusing on FDI from China could be more advantageous for boosting India's exports to the U.S., similar to the strategies employed by East Asian economies in the past. The report suggested that this strategy might be more beneficial than relying solely on trade, as it could help reduce the growing trade deficit with Beijing, India’s top exporter.

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Employment Challenges and Progress
The Economic Survey 2023-24 noted a positive shift in India's employment situation over the past decade. Nevertheless, it acknowledged the persistent challenges in formalising the workforce, creating job opportunities in sectors that can absorb workers moving away from agriculture, and ensuring social security for regular wage and salaried workers.

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The Survey serves as a summary of the government's economic performance, major developmental programs, and policy initiatives, while also offering an outlook for the forthcoming financial year. It is divided into two parts: Part A covers the country's economic developments and challenges, while Part B provides a detailed analysis of the past financial year on topics such as social security, poverty, education, healthcare, human development, and climate change.

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The Economic Survey 2023-24 was first presented in the Lok Sabha, followed by the Rajya Sabha during the Budget Session of Parliament. This was accompanied by a press conference held by India’s Chief Economic Advisor V. Anantha Nageswaran.