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India’s Economy Current Trend Overview UPSC NOTE

 India’s economy current trend overview

  • India has now recovered from the COVID-19 hit on the economy.

  • Higher-than-expected 7.2% GDP growth last year.

  • Expecting an uninterrupted 6.5%-7% growth for a decade, even if no further reforms are undertaken.

  • According to Chief Economic Advisor (CEA), India could now grow for a longer period of seven to 15 years as China did between 1979 and 2008 without “running into overheating problems” as it did after three-four years of strong growth in recent decades.

  • India’s progress

    • A strong momentum

    • Better macro fundamentals with inflation and trade deficits easing in recent months.

    • Cleaner bank and corporate balance sheets.

    • Bolstered by reforms such as Goods and Services Tax (GST) and digitisation that are spurring formalisation.


Challenges

  • Sectors such as steel and cement seeing higher capacities in action, sections of industry may well start loosening the purse strings soon but a broad-based revival may take longer and needs more actions to buttress the confidence-building.

  • The economy grew just 3.9% in 2019-20 from 6.5% in the year before, and the quality of the recovery thus far remains uneven.

  • Unless private investment recovers firmly and revs up job creation for millions of youth, demand growth shall not sustain enough to create the virtuous cycle the government is betting on.

  • If India wants to encash the world’s China-plus-one supply chain quest, that intent is not often matched by actions.

  • Misadventures such as high import tariffs and the complex ‘angel tax’ on inbound investments apart, even failing to fix an online service to register a new company does not engender investor confidence. 


The government must
desist from unnecessary tinkering with its calibrations and create conducive conditions for a smooth and swift, hurdle-free passage for value and job creators.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s Economy Current Trend Overview UPSC NOTE
India’s Economy Current Trend Overview UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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