Highlights from Economic Review 2024

The Chief Economic Advisor announced that there will be no economic survey this year as 2024 is an election year

January 30, 2024

India's gross domestic product (GDP) is projected to exceed 7.2% in FY24

India has positioned itself as the world's third-largest fintech economy, trailing only the USA and the UK

Initiatives like the Skill India Mission, Start-Up India, and Stand-Up India have increased female participation in human capital formation

The overall Gross Enrolment Ratio (GER) has more than doubled from 24.5% to 58.2% between FY05 and FY22

The Department of Economic Affairs released a report highlighting the government’s achievements over the past decade. This comes two days prior to Finance Minister Nirmala Sitharaman’s interim budget speech.

Despite global economic struggles with growth rates barely surpassing 3%, India’s gross domestic product (GDP) is projected to exceed 7.2% in FY24. This marks the third consecutive year of the Indian economy growing by more than 7%. The last decade witnessed a steady growth in the Indian economy, attributed to increased public sector investment, a robust financial sector, and strong non-food credit expansion.

India has positioned itself as the world’s third-largest fintech economy, trailing only the USA and the UK. Furthermore, it has surpassed Hong Kong to claim the fourth spot in global stock markets. This achievement is attributed to both domestic and international investor interest, coupled with sustained IPO activity.

The implementation of the PM Jan Dhan Yojana has significantly increased the percentage of women with bank accounts, rising from 53% in 2015-16 to an impressive 78.6% in 2019-21. The female labor force participation rate (LFPR) has experienced substantial growth, escalating from 23.3% in 2017-18 to 37% in 2022–23. Initiatives like the Skill India Mission, Start-Up India, and Stand-Up India have contributed to the increasing female participation in human capital formation.

In higher education, the female Gross Enrolment Ratio (GER) has quadrupled from 6.7% in FY01 to 27.9% in FY21, while the overall GER has more than doubled from 24.5% to 58.2% between FY05 and FY22. Micro, medium, and small enterprises (MSMEs) are also displaying increased dynamism, thanks to supportive government measures, as outlined in the report.

The adoption of the Goods and Services Tax (GST), coupled with the unification of domestic markets and enhanced production incentives, has bolstered economic efficiency, leading to a subsequent reduction in logistics costs.

Source: CNBC

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