Remittances to India -- the second largest source of external financing after service exports -- are projected to grow at 3.7 per cent to USD 124 billion in 2024 and at 4 per cent to reach USD 129 billion in 2025, the Economic Survey said on Monday. India's primary source of remittances is oil-exporting countries. According to the World Bank, India has the largest emigrant population and is the top remittance recipient country. In 2023, remittances to India had hit USD 120 billion. "The outlook for remittance in India for 2024 is strong, with the expectation that remittance growth will moderate to 3.7 per cent, taking... levels to USD 124 billion in 2024," the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman said. The diversification of India's migrant pool -- between a large share of highly skilled workers employed mostly in high-income OECD markets, and the less-skilled migrants employed in the GCC markets -- is likely to lend stability to their ...

The software, internet, and banking, financial services, and insurance (BFSI) sectors collectively accounted for about 58 per cent of India's IT GCC talent, according to the document

Increased foreign direct investment inflows from China can help increase India's global supply chain participation and push exports, says the Economic Survey. The Survey said as India looks to deepen its involvement in global value chains (GVCs), it needs to look at the successes and strategies of East Asian economies. These economies have typically pursued two main strategies - reducing trade costs and facilitating foreign investment. It added that India faces two choices to benefit from 'China plus one' strategy and that is either to integrate into China's supply chain or promote FDI from China. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past," the Survey, tabled in Parliament by Nirmala Sitharaman on Monday, said. Moreover, choosing FDI as a strategy to benefit from the China plus one approach appears more advantageous than relying on trade. "This is because China

"It is worth reiterating that job creation happens mainly in the private sector," the survey released on Monday said

Suggests to resolve transfer pricing matters to sustain foreign investor interest

Debt issuances dominated fundraising in the last fiscal year, constituting 78.8 per cent of the total funds raised

The number of Indian technology startups has increased to 31,000 in 2023 from 2,000 in 2014, aided by the Start-up India Initiative and start-up hubs across ministries and departments

MSMEs are the backbone of the Indian economy, contributing approximately 30 per cent of the country's gross domestic product (GDP)

Numbers are 40 per cent lower than the number of overall investor accounts

Highlighting the challenges to the apprenticeship system in the country, the survey also notes the need to minimise the role of government agencies to address programme delays

The Economic Survey revealed an overall positive report and outlook of key sectors, noting that the uncertain global climate may hamper economic growth going ahead

Data does not show that states with more poverty and higher unemployment rates use more of the scheme's funds, it says

India has successfully reduced the emission intensity of its GDP, the Survey said

Mcap-to-GDP ratio not necessarily a sign of economic advancement or sophistication, says survey

Offers on assets worth Rs 1.25 trillion are at different stages of acquisition; evaluations for assets of around Rs 40,000 crore are currently in progress

Using simple modelling and some assumptions, the survey attempts a broad estimation of the requirement for job creation in the non-farm sector

Says diversification of energy sources needed but thermal power to play significant role

Technology 'casts a huge pall of uncertainty' in impact on workers, it says

Capital markets' rise in role a 'welcome development' but comes with its challenges, says survey

The Economic Survey on Monday flagged a rise in mental health issues among Indians, calling for a paradigm shift towards a bottom-up, whole-of-community approach to address the problem. Paying attention to mental health in society is both a health and an economic imperative, the policy document asserted while dwelling on the topic in a vast and detailed manner for the first time highlighting the various socio-economic repercussions of the issue. Mental health drags down productivity more widely in the ecosystem than individuals' physical health issues, it noted. Quoting the National Mental Health Survey (NMHS) 2015-16 data, the survey said 10.6 per cent of adults suffered from mental disorders in India while the treatment gap for mental disorders ranged between 70 to 92 per cent for different disorders. Further, as per the NMHS, the prevalence of mental morbidity was higher in urban metro regions (13.5 per cent) as compared to rural areas (6.9 per cent) and urban non-metro areas (4