Overview of Economic Survey for 2023-24 | Summary & Highlights

The Economic Survey is an annual document released by the Ministry of Finance, Government of India. It provides a comprehensive overview of the country's economic performance over the past financial year and outlines the key challenges and prospects for the upcoming year. The survey is typically presented in Parliament by the Finance Minister just before the Union Budget.

Table of Contents

Introduction

1. Direct Tax
2. GST
3. Customs
4. SEBI & Stock Market
5. Foreign Exchange Management Act (FEMA)
6. GIFT-IFSC
7. Corporate Social Responsibility (CSR)
8. Banking
9. Microfinance
10. MSMEs
11. Insolvency & Bankruptcy Code
12. SARFAESI Act, 2002
13. RERA Act, 2016
14. Insurance

Introduction

Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2023-24 in the Parliament on July 22, 2024. The Economic Survey is an annual report published by the Government of India that presents an overview of the Indian economy. It is prepared by the Economic Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor. After approval by the Finance Minister, it is presented in the Parliament.

The Economic Survey 2023-24 provides insights into the current state of the Indian economy, the effectiveness of government policies, and the future outlook. The survey underscores the Indian economy’s resilience amidst global uncertainties and highlights key areas such as fiscal management, monetary policy, inflation control, external sector performance, and sectoral developments.

According to the survey, India’s post-pandemic recovery has been strong due to counter-cyclical fiscal policies focusing on capital expenditure, boosting public and private investments, and encouraging digital adoption. India maintained macroeconomic stability despite challenges like geopolitical tensions, inflation, and current account deficits (CAD)​. Further, improvement in fiscal balances through tax compliance, expenditure restraint, and digitisation has helped maintain economic stability.​

The key discussions on Direct Taxation, GST, Customs, Corporate Law, and other laws highlighted in the Economic Survey are outlined below:

1. Direct Tax

• Gross tax revenue (GTR) increased by 13.4% in FY24, translating into a tax revenue buoyancy of 1.4. The growth was led by a 15.8% increase in direct taxes and a 10.6% increase in indirect taxes over FY23. Broadly, 55% of GTR accrued from direct taxes, and the remaining 45% from indirect taxes.
• The efficiency of tax collection has increased over time, reflected in the decline in the cost of collecting direct taxes from 0.66% of gross collections in FY20 to 0.51% in FY23.
• To scale up the social stock exchange ecosystem, the government has recently extended a tax exemption under Section 80G of the Income Tax Act to contributions made through zero coupons and zero principals on SSE.
• Through previous Union Budgets, the Government has provided a separate tax regime for the IFSC, which is at par with what is available in other leading global financial centres. The competitive tax regime has ensured that financial services institutions operating from IFSC are not at a disadvantage.
• Life premium growth in India is estimated to slow to 4.1% in FY23 (higher than the historical average of 3.2% during 2012-2021) from 5.9% in FY22 as memories (i.e., risk awareness) of the pandemic faded and a recent change in tax norms for high-premium policies weighed on new premium growth.
• A Staff Discussion Note of the International Monetary Fund published in June 2024 recommended well-designed excess corporate profit taxes and high personal income taxes on capital through better enforcement of automatic information exchange between countries and enhanced taxation of capital gains.

2. GST

• The increase in indirect taxes in FY24 was primarily driven by a 12.7% growth in GST collections. Post-pandemic, there was an uptick in GST E-way bill generation. This increase was equally pronounced for both intra-state and inter-state trade. The rise in GST collections and E-way bill generation reflects improved compliance.
• Gross GST collections hit Rs. 20.18 lakh crore in FY24, marking an 11.7% increase from the previous year and highlighting strong domestic trading activity.
• GST simplification is one of the initiatives taken to benefit the service industry and boost economic efficiency.
• Financial and professional services have been key growth drivers post-pandemic. Both GST collections and the issuance of e-way bills, reflecting wholesale and retail trade, demonstrated double-digit growth in FY24.
• Over the last seven years, GST has matured significantly, streamlining procedures and enhancing tax buoyancy for both Union and State governments. Various steps are taken, including distinguishing between serious and less serious offences, expediting dispute resolution, spreading awareness, rate rationalisation, eliminating rate inversions, introducing broad rates for similar products, encouraging voluntary compliance and many more.
• More than 1.3 crore entities are registered under GST and file returns.
• Granular GST data has great potential for analysing business health and loan applications, providing support for cash flow-based lending, and deeply understanding the economies of different geographies.
• Despite the global trend of widening fiscal deficits and increasing debt burdens, India has stayed on the path of fiscal consolidation. Strong indirect tax growth, driven by resilient economic activity and improved compliance, resulted in tax revenues exceeding the conservative budgetary estimates.
• The CBIC has undertaken various technological initiatives to facilitate trade. These include the phased implementation of an electronic cash ledger, enabling electronic clearances at Land Customs Stations, online submission of IFSC Code, use of Electronic Certificates of Origin, and Electronic Repairs Services Outsourcing to prolong the life of faulty or damaged electronic goods, among others.

3. Customs

• The CBIC and the DoP have launched the Hub and Spoke Model, which simplifies the export process, promotes small-scale exporters, and leverages India’s extensive global trade postal network. This scheme harnesses the vast postal network of 1.54 lakh post offices using digital technology and apps and eliminates intermediaries for seamless exports via postal services.
• Despite strong global economic growth, WEO data shows that the global volume of exports of goods and services grew by only 0.5% in 2023 compared to 2022. This slow growth was due to lower demand in developed economies and weaker trade in East Asia and Latin America (UNCTAD March Update 2024). High energy prices and inflation significantly impacted the demand for manufactured goods, leading to a decline in the world merchandise trade volume for 2023.
• India’s service exports remained robust, reaching a new high of USD 341.1 billion in FY24. Exports (merchandise and services) grew by 0.15%, while total imports declined by 4.9% despite strong domestic market demand. Net private transfers, mostly remittances from abroad, grew to USD 106.6 billion in FY24. As a result, the Current Account Deficit stood at 0.7% of GDP, improving from the deficit of 2.0% of GDP in FY23.
• The CAGR of import of bulk drugs between FY22 and FY24 was 2.3%, as compared to the CAGR of 5.9% in their export. India has become a net exporter of bulk drugs. During FY24, the export and import of bulk drugs were Rs. 39,632 Crore and Rs. 37,722 Crore, respectively.
• Customs duty exemption for EV-related capital goods and machinery has strengthened the tech startups to accelerate the deep-tech eco-system, strengthen domestic capital flow, and leverage initiatives in India.
• An increase in Basic Customs duty on the import of toys has led to a significant rise in exports, a decrease in imports, and to curb sub-standard import of toys.
• FTP benefit granted to the Indian leather and footwear industry to promote footwear export.
• The escalation of the Red Sea crisis amid heightened geopolitical tensions in the Middle East in October 2023 led to supply chain disruptions, sending ripples to global trade and operations. The geopolitical risk index, which spiked after the conflict’s escalation, declined after that. However, geopolitical risks are still high and persistent and may worsen in the coming months.

4. SEBI & Stock Market

• Primary markets stayed strong in FY 23-24, helping companies raise Rs. 10.9 lakh crore for new investments. This amount is about 29% of the total capital spent on new projects by private and public companies in FY23, compared to Rs. 9.3 lakh crore raised in FY23.
• In FY 23-24, 78.8% of the money raised was through debt. Fundraising through equity, debt, and hybrid instruments increased by 24.9%, 12.1%, and 513.6%, respectively, from the previous year.
• During FY 23-24, the value of corporate bond issuances increased to Rs. 8.6 lakh crore from Rs. 7.6 lakh crore during the previous financial year. The number of corporate bonds public issues in FY 23-24 was the highest for any financial year so far, with the amount raised (Rs. 19,167 crore) at a four-year high.
• Private placements remained the preferred channel for corporates, accounting for 97.8% of total resources mobilised through the bond market.
• The quantum of outstanding corporate bonds increased by 5.5% YoY to Rs. 45 lakh crore (i.e., 15.5% of GDP) at the end of March 2024.
• During FY 23-24, 39,024 crore was raised by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), more than five times compared to FY 22-23, supported by the Government’s thrust on infrastructure development.
• Indian capital markets have witnessed a broad expansion across various sub-markets. The country’s equity market capitalisation reached Rs. 415 lakh crore (USD 5 trillion) in May 2024, placing it fifth in the global rankings.
• The number of initial public offers (IPOs) increased by 66% in FY24 from 164 in FY 22-23 to 272 in FY 23-24.
• SME platforms at the exchanges witnessed heightened activities during FY 23-24 as the number of IPOs/FPOs (Follow-on Public Offers) of SMEs increased by 1.6 times (from 125 in FY 22-23 to 196 in FY 23-24)
• Indian stock market was among the best-performing markets, with India’s Nifty 50 index ascending by 26.8% during FY 23-24, as against (-)8.2% during FY23.
• India’s weight in the MSCI-EM index has increased to 17.7% at the end of FY 23-24 from 13.7% at the end of April 22-23, the second-highest share among the EMs in the index.
• In FY 23-24, India’s IPO activity ranked fifth globally by market capitalisation. The market cap to GDP ratio rose to 124% from 77% in FY 18-19, surpassing other emerging markets like China and Brazil.
• Commodity derivatives turnover rose by 87% in FY 23-24, driven by an increase in turnover of options contracts of the energy segment.
• Today, individual investors are over 9.5 crores and have nearly 10% direct market ownership through the almost 2,500 listed companies. This translates to around Rs. 36 lakh crore of wealth as of March 2024.
• The individual investor’s share in the equity cash segment turnover was at 35.9% in FY 23-24. The number of Demat accounts with both depositories rose from 11.45 crores in FY 22-23 to 15.14 crores in FY 23-24.
• India’s unique digital architecture has imbued the capital market regulator with the confidence to switch to the “T+1 settlement regime” comfortably, a feat followed by very few countries worldwide.
• FY 23-24 has been a spectacular year for MFs as their AuM increased by Rs. 14 lakh crore (YoY growth of 35%) to Rs. 53.4 lakh crore at the end of FY 23-24, boosted by mark-to-market (MTM) gains and expansion of the industry.
• Among the passive schemes, exchange-traded funds (ETFs) (other than gold exchange-traded funds) witnessed a 37% rise in net assets in FY24.
• The MF segment presently has about 8.4 crore systematic investment plan (SIP) accounts through which investors regularly invest in schemes. Annual net SIP flows have doubled in the last three years, from Rs. 0.96 lakh crore in FY 20-21 to Rs. 2 lakh crore in FY 23-24.
• The number of unique tax IDs registered on the NSE rose from 2.7 crore in FY 18-19 to 9.2 crore in FY 23-24.
• Following SEBI’s regulatory framework for the Social Stock Exchanges (SSE), NSE and BSE received approval to establish separate SSE segments. By April 2024, 51 NPOs registered on BSE, and 50 on NSE (11 undergoing renewal). Nine Non-profit organisations (NPOs) raised Rs. 12.4 crore for social projects in education, livelihoods, and skill development.

5. Foreign Exchange Management Act (FEMA)

• During FY 23-24, net capital flows stood at USD 86.3 billion against USD 58.9 billion during the previous year, primarily driven by Foreign Portfolio Investors (FPI) flows and net inflows of banking capital (including NRI deposits).
• India witnessed robust FPI inflows in FY24. Net FPI inflows stood at USD 44.1 billion during FY24 against net outflows in the preceding two years. This is the highest level of FPI inflow after FY15.
• India received the highest equity inflows among emerging market peers during FY24. Financial services, automobile and auto components, healthcare, and capital goods were the significant sectors attracting equity inflows during FY24.
• The decline in global FDI flows has also impacted FDI flows to India. Net FDI inflows to India declined from USD 42.0 billion during FY23 to USD 26.5 billion in FY24.
• Gross FDI inflows moderated only by 0.6% from USD 71.4 billion in FY23 to just under USD 71 billion in FY24.
• The repatriation of investment increased from USD 29.3 billion in FY23 to USD 44.5 billion in FY24.
• The share of industry sectors’ FDI in GDP declined from 0.62% in FY20 to 0.39% in FY24.
• The share of service sectors FDI in GDP fell from 0.87% to 0.69%.
• During FY24, India’s (Foreign Exchange Reserve) FER increased by USD 68 billion, the highest increase among major foreign exchange reserves-holding countries.
• Foreign Exchange Reserve stood at USD 653.7 billion on 21 June 2024, enough to cover more than 10 months of imports projected for FY25 and more than 98% of total external debt outstanding at the end of March 2024.
• Indian Rupee exhibited the lowest volatility in FY24 compared to the previous years.
• The Rupee depreciated by 6.9 and 6.8% against Pound Sterling and Euro, respectively, in FY24.
• The Rupee appreciated by 3.5% against Japanese Yen during the FY24.
• Inflows to the capital account increased by 65% between FY-14 and FY-24.
• After a gap of nearly 10 years, four new FTAs have been signed over the period 2021 to 2024. These FTAs are with Mauritius (signed in February 2021), the UAE (February 2022), Australia (April 2022) and the European Free Trade Association or EFTA (March 2024).
• As of the end of March 2024, Indian residents’ overseas financial assets at USD 1,028.3 billion were higher by USD 109.7 billion or 11.9% compared to the level as of March 2023.
• The net claims of non-residents in India, valued at USD 361.7 billion as of the end of March 2024, declined by USD 5.5 billion over the level of March 2023.
• India’s international financial assets covered 74% of international financial liabilities as of the end of March 2024.
• The external debt to GDP ratio declined to 18.7% at the end of March 2024 from 19.0% at the end of March 2023.
• The ratio of Foreign Exchange Reserve (FER) to total debt stood at 97.4% as of March 2024.

6. GIFT-IFSC

• As of March 2024, the total asset size of IFSC Banking Units (IBUs) crossed USD 60 billion, and the cumulative value of transactions undertaken by IBUs crossed USD 795 billion.
• As of March 2024, the cumulative Fund Management Entities (FMEs)and funds registered rose from 39 and 33 as of September 2022 to 114 and 120, respectively, as of March 2024.
• IFSCA’s leasing framework and government tax incentives led to over 28 aircraft lessors registering in three years, leasing 120+ aviation assets. Air India also started leasing wide-body aircraft from the IFSC Zone.
• With an enabling regulatory framework, the ship leasing ecosystem is gaining traction. As of 31 March 2024, the number of ship leasing companies registered with IFSCA has risen to 11, underscoring the financial centre’s rising appeal for maritime business.
• IFSCA achieved a significant milestone in FY24 when Deakin University from Australia became the first foreign university to be granted final registration for their International Branch Campus in GIFT IFSC under IFSCA (Setting up and operation of International Branch Campus and Offshore Education Centre) Regulation, 2022.
• University of Wollongong from Australia became the second foreign university to receive in-principal approval for their International Branch Campus in GIFT IFSC.

7. Corporate Social Responsibility (CSR)

• From 2014-2022, Rs. 1.53 lakh crore was spent on CSR. Over 50% of this amount was spent in the last 3 years, with annual CSR spending exceeding Rs. 25,000 crore, improving compliance and exceeding obligations.
• Sector-wise, more than three-fourths of total CSR spend is in the top four development sectors, i.e., Education (32.4%), Healthcare & Sanitation (38.4%), Rural Development (6.9%), and Environment, Animal Welfare & Conservation (10.9%).
• About half of the implementation of CSR funds happens in partnership with nonprofit organisations.
• The distribution of CSR investment is primarily centred around the hubs of corporate headquarters in the country, while underdeveloped areas remain relatively less funded.

8. Banking

• Gross Non-Performing Assets (GNPA) ratio declined to 2.8% in March 2024, 12-year low. The system-wide capital to risk-weighted assets ratio (CRAR) declined marginally by 37 basis points (bps) over FY24 due to an RBI-mandated revision of risk weights.
• Growth in unsecured loans was outpacing that in overall credit. To tackle this problem, the RBI directed that consumer credit exposure for banks and Non-Banking Financial Companies (NBFCs) will attract a risk weight of 125% compared to 100% earlier.
• The risk weight for credit card loans by banks and NBFCs was fixed at 150% and 125%, respectively, up from 125% and 100% earlier.
• As per the RBI, the total value of Rs. 2,000 banknotes in circulation has declined from Rs. 3.56 lakh crore as of 19 May 2023 (when the withdrawal of Rs. 2,000 banknotes was announced) to Rs. 7,581 crore as of 28 June 2024, indicating that 97.87% of the Rs. 2,000 denomination banknotes have returned to the banking system
• During FY24, lending and deposit rates of scheduled commercial banks (SCBs) rose due to policy rate hikes (May 2022-Feb 2023), the external benchmark-based lending rate system, and reduced surplus liquidity. Rates increased by 250 bps and 175 bps.
• Agricultural credit had increased nearly 1.5 times from Rs. 13.3 lakh crore in FY21 to Rs. 20.7 lakh crore in FY24. The Kisan Credit Card (KCC) scheme has played a pivotal role in providing timely and hassle-free credit to farmers, with over 7.4 crore operative KCC accounts at the end of 2023.
• Industrial credit growth picked up in H2 of FY24, registering 8.5% growth in March 2024, compared to 5.2% a year ago, driven by an increase in bank credit to small and large industries.
• The gross non-performing assets (GNPA) ratio of SCBs continued its downward trend, reaching a 12-year low of 2.8% at the end of March 2024 from its peak of 11.2% in FY18.
• The GNPA ratio of the agriculture sector remains high at 6.5% at the end of March 2024, but it has recorded persistent improvement during H2 of FY24.
• Corporate bond issuances in FY24 were up by 70.5%, with private placement remaining the preferred channel for corporates. Outstanding corporate bonds were up by 9.6% (YoY) as of the end of March 2024.
• The RBI is linking India’s UPI with various countries’ FPS for cross-border payments and joined Project Nexus to interlink FPSs of India and four ASEAN countries (Malaysia, Philippines, Singapore, Thailand). An agreement was signed on June 30, 2024, with the platform going live by 2026 to enhance retail cross-border payments.
• The UPI has revolutionised the country’s payment system. The success of UPI has been enhanced by the expansion of smartphone usage in India, with more than 116.5 crore smartphone subscribers as of 31 March 2024.
• The value of transactions conducted on the UPI platform has increased multifold from Rs. 0.07 lakh crore in FY17 to Rs. 200 lakh crore in FY24.

9. Microfinance

• As per the 2023 Bharat Microfinance Report, 213 MFIs operate across 28 states, 5 UTs, and 646+ districts in India, with 25,790 branches and 2.2 lakh employees. They serve over 532 lakh clients, with a total loan outstanding of Rs. 1.8 lakh crore under micro-credit.
• Microfinance is mostly a woman-focused activity. Women constitute 98% of the total clients of MFIs. Further, it also serves other weaker and marginalised sections like scheduled castes (SC), scheduled tribes (ST) and minorities in a significant way. The SC/ST borrowers constitute a substantial 23% of the clients.
• During FY23, the microfinance sector bounced back strongly, achieving an aggregate disbursement of Rs. 1.8 lakh crore, 55% higher than the previous year.
• In FY23, RoA and RoE stood at 2.5% and 12.2% for all MFIs, reflecting an improvement over the previous year. As per the RBI regulatory norms, NBFC-MFIs need to maintain at least 15% of their risk weighted assets in the form of capital.
• The number of Self-Help Groups (SHGs) credit linked during FY23 increased to 43 lakh from 34 lakh in FY22. As of March 2023, the banking system held SHG savings to the tune of Rs. 58,893 crore with a growth of 24.7%, with average savings per SHG amounting to Rs. 43,940.

10. MSMEs

• Cumulatively, 98.9 lakh invoices amounting to Rs. 2.9 lakh crore have been discounted on ‘Trade Receivables Discounting System’ (TReDS) platforms, as of 31 March, 2024 supporting MSMEs for better liquidity and working capital management.
• As of June 2024, 1.86 crore Informal Micro Enterprises (IMEs) have been onboarded on Udyam Assist Platform (UAP). More than4.5 crore enterprises have been registered on Udyam Registration Portal (URP) and UAP as of 3 June 2024.
• Credit Guarantee Scheme (CGS) for MSEs was revamped with an infusion of Rs. 9,000 crore in the corpus of Credit Guarantee Fund Trust for MSEs. Subsequently, the credit limit under the said scheme was enhanced from Rs. 2 crore to Rs. 5 crore, with a minimum annual guarantee fee of as low as 0.37% per annum.
• Credit guarantees worth Rs. 3 lakh crore were approved during FY23 and FY24 against the target of Rs. 2 lakh crore in four years. During FY23, out of the guarantees of Rs. 1.04 lakh crore, Rs. 16,373 crore and Rs. 2,750 crore were extended to women and SC/ST-owned enterprises, respectively.
• Guarantees worth Rs. 2.02 lakh crore were extended in FY24, out of which Rs. 32,223 crore and Rs. 5,393 crore were extended to women & SC/ST-owned enterprises, respectively.

11. Insolvency & Bankruptcy Code

• The IBC employs corporate insolvency resolution processes (CIRPs) to identify the best means to resolve a distressed asset. By March 2024, it had facilitated the successful closure of 4,131 CIRPs. Of these, 3,171 corporate debtors were rescued, with 947 cases resolved via approved resolution plans, yielding a realisable value of Rs. 3.36 lakh crores.
• In the resolved cases, the creditors recovered approximately 32% of their claims. This amounted to a recovery of 85% of the fair value and 162% of the liquidation value of assets.
• According to the RBI’s Report on Trends and Progress of Banking in India, 2022-23, the IBC held a share of 43% of the total amount recovered by SCBs in FY23.
• In the six years since FY18, the IBC has enabled over Rs. 3 lakh crore recovery for the SCBs, more than what they have recovered through the Lok Adalats, DRTs, and the SARFAESI Act.
• In the eight years since the enactment of IBC in 2016, 31,394 corporate debtors involving a value of Rs 13.9 lakh crore have been disposed of (including pre-admission case disposals) as of March 2024. A singularly notable fact is that Rs. 10.2 lakh crore of underlying defaults were addressed at the pre-admission stage.
• As of March 2024, the total CIRPs ending in liquidation were 2,476. Around 77% of these corporate debtors were defunct at the beginning of the process and were, on average, valued at 7% of the outstanding debt.
• The framework under Section 227 of the IBC provides for the resolution of financial service providers, and, at present, NBFCs, including Housing Finance Companies with asset size of Rs. 500 crore or more, are covered.
• By March 2024, over 1,500 real estate firms entered insolvency under IBC, making up 21% of total admissions. Of 891 resolved cases, 133 were real estate companies, accounting for 15% of resolutions.
• In FY24, over 5,500 cases were filed with the National Consumer Dispute Redressal Commission, and almost 21% were related to the housing sector.

12. SARFAESI Act, 2002

• During FY23, 9.7% of the previous year’s stock of SCBs’ GNPAs was sold to ARCs, compared to only 3.2% in FY22. The number of security receipts (SRs), ultimately redeemed increased during FY23, indicating enhanced recovery through this mode.
• Asset Reconstruction Companies (ARCs) regulated under the SARFAESI Act are emerging as an alternative channel for investors, including FPIs, to access the NPAs/distressed assets held by banks. During FY23, 28 ARCs operated in the market.
• National Asset Reconstruction Company Ltd. (NARCL) has so far acquired 18 accounts with loan exposure of around Rs. 92,000 crore, which includes the acquisition of the ailing Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd as resolution applicants. While offers on assets worth Rs. 1.25 lakh crore are at different stages of acquisition, due diligence, and evaluations for assets of around Rs. 40,000 crore are underway.

13. RERA Act, 2016

• As of 01 July 2024, over 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA.
• RERA provides for establishing a fast-track dispute resolution mechanism to settle disputes. As of 01 July 2024, 32 States and UTs have set up the Real Estate Regulatory Authority, and 1,24,947 complaints have already been disposed of.
• After the enactment of RERA, India is ranked 36th in the Global Real Estate Transparency Index in 2022.

14. Insurance

• In FY23, premium growth moderated slightly compared to the previous year, reflecting still-in-process adjustments to the post-COVID-19 era. Overall insurance penetration in India moderated slightly to 4% in FY23, from 4.2% in FY22.
• Overall insurance density66 increased from USD 91 in FY22 to USD 92 in FY23. In the life insurance segment, it rose from USD 69 in FY22 to USD 70 in FY23 and remained stable in the non-life insurance segment.
• Life premium growth in India is estimated to slow to 4.1% in FY23 (higher than the historical average of 3.2% during 2012- 2021) from 5.9% in FY22 as memories (i.e., risk awareness) of the pandemic faded and a recent change in tax norms for high-ticket policies weighed on new premium growth.
• Non-life premium growth moderated slightly from 9% in FY22 to an estimated
• 7% in FY23 (lower than the historical average of 8% during 2012-2021) as the market stabilised after the pandemic.
• ABPMJAY generated 34.2 crore Ayushman cards, 49.3% held by females. Health premiums are projected to grow 9.7% annually from 2024-28, aided by regulatory initiatives enhancing insurance attractiveness.

Dive Deeper:
Download the Economic Survey 2023-24
Union Budget 2024-25 | Taxmann’s Key Expectations & Recommendations