Syllabus:GS-III
Subject:Economy
Topic:Growth and Development, Inclusion
Issue: Economic growth report
Context: The Ministry of Finance released a report titled ‘The Indian economy — A review’ ahead of the Interim Union Budget.
Synopsis:
- The report pegged India’s real GDP growth at closer to 7% in 2024-25.
- The Indian economy will hit $5 trillion in the next three years, making it the third largest in the world.
- Structural reforms post 2014
- Goods and Services Tax
- The Insolvency and Bankruptcy Code,
- Push for infrastructure building
- Demonetisation(led to a surge in the use of non-cash forms of payment)
Mains specific Statements/data
- Finance Ministry warned that “exporting one’s way to growth (China model) is no longer easy amid
- onshoring and friend-shoring of production
- increasing vulnerabilities of global supply chains due to events like pandemic and geopolitical tensions.
- The report listed three trends for the coming years —
- The end of the era of hyper-globalisation in global manufacturing
- The advent of Artificial Intelligence and
- The energy transition challenge.
- 51 crore bank accounts under Jan Dhan Yojana opened of which 55 percent are women.
