The Department of Economic Affairs has unveiled a comprehensive report, spotlighting India’s remarkable achievements over the past decade, a sneak into the same before the budget speech begins.
In the face of global economic challenges, with growth rates hovering around 3%, India continues to shine, projecting a GDP exceeding 7.2% in FY24. This marks the third consecutive year of robust economic growth, fueled by increased public sector investment, a resilient financial sector, and a noteworthy expansion in non-food credit.
India has emerged as the world’s third-largest fintech economy, trailing only the USA and the UK, and has recently surpassed Hong Kong to secure the fourth position in global stock markets. This accomplishment is a testament to both domestic and international investor confidence, coupled with sustained Initial Public Offering (IPO) activity.
The impact of the PM Jan Dhan Yojana has been substantial, significantly elevating the percentage of women with bank accounts from 53% in 2015-16 to an impressive 78.6% in 2019-21. Concurrently, the female labor force participation rate (LFPR) has witnessed remarkable growth, surging from 23.3% in 2017-18 to 37% in 2022–23. Initiatives such as the Skill India Mission, Start-Up India, and Stand-Up India have played pivotal roles in fostering increased 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. The Micro, Small, and Medium Enterprises (MSMEs) sector is experiencing heightened dynamism, thanks to supportive government measures outlined in the report.
The adoption of the Goods and Services Tax (GST), combined with the unification of domestic markets and enhanced production incentives, has significantly boosted economic efficiency, leading to a subsequent reduction in logistics costs.
As India stands at the cusp of another budget announcement, these achievements underscore the nation’s resilience and progress, positioning it as a key player in the global economic landscape.
