May 31, 2022
India’s GDP to reach INR 198.01 trillion in FY21: National Statistical Office
The PM will also launch a national portal for credit-linked government schemes
Various departments will organise events across the country to highlight their past accomplishments and future ambitions
The Department of Financial Services will undertake credit outreach programmes and enrol people in numerous schemes
Prime Minister Narendra Modi will announce a 25-year economic road map for India including the target size of the gross domestic product (GDP) by 2047, while inaugurating the AKAM event next week. During the meeting, several ministries will showcase their achievements and outline new initiatives to boost economic growth and address issues such as poverty eradication, according to media reports.
The PM is also expected to highlight the schemes and incentives launched by the government for various sectors, and discuss the way forward.
Finance and GDP
PM Modi had stated in 2019 that India would be a US$ 5 trillion economy by 2024-25, but the goal has been revised to 2029 by the IMF.
However, according to the latest estimates by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) in FY22 will reach over INR 236.44 trillion, compared to INR 198.01 trillion in FY21, with a growth rate of 19.4%. It could further increase by 14-15% in FY23.
As a part of the initiative, the PM will also launch a national portal for credit-linked government schemes. The Department of Financial Services will undertake credit outreach programmes and enrol people in Jansurksha schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
Departmental actions
The government had established different committees to lay out the future course of action, which included everything from increasing economic growth and lowering tax bills to climate action and poverty reduction.
The departments of economic affairs, revenue, expenditure, investment and public asset management, financial services, public enterprises, and corporate affairs will organise events across the country to highlight their past accomplishments and future ambitions. The committees’ reports will be debated during the week-long AKAM event to promote awareness of government actions across the country.
The Department of Investment and Public Asset Management (Dipam) will organise a conference in 75 locations on June 10 with the topic “Creating Wealth through Market.” According to the department’s secretary, a new policy on the public sector enterprises will also be deliberated at the conference.
Farmers
As a part of the Pradhan Mantri Kisan Samman Nidhi (PM Kisan) scheme, the 11th installment of funds amounting to INR 20,000 crore will be released to over 100 million farmers, according to a statement from the Ministry of Agriculture. Under the PM Kisan scheme, each land-owning farmer is entitled to receive INR 6,000 every year in three equal instalments of Rs 2,000 each, as direct income support. Till now, INR 1.82 trillion has been provided to about 117 million farmers under the program. The government has allocated INR 68,000 crore for the PM Kisan in the current fiscal.
Way Forward
The Prime Minister also said that India has become one of the fastest-growing economies in the post-pandemic world, and its doctors and scientists were at the forefront during the pandemic.