Growth Outlook: India’s growth is expected to remain strong, supported by macroeconomic stability. And the growth outlook is anchored primarily by the digital revolution, a facilitating regulatory environment supportive of entrepreneurship, measures targeted at economic upliftment of the most vulnerable sections of the society, developing niche and complex manufacturing sectors while building the supporting physical infrastructure, and efforts directed at diversifying its export basket and moving toward higher value–added products, a report titled as “ Indian Economic Review” by Department of Economic Affairs on Monday said. 

Presently, the official estimate for growth in FY24 stands at 7.3 per cent and the headline inflation is expected to decline to the target gradually. According to the report, resilient service exports and lower oil import costs have lowered India’s current account deficit to 1 per cent of GDP in the first half of FY2427. 

Reforms Undertaken

The report mentioned that reforms undertaken over the last ten years by the Union government have formed the foundation of a resilient, partnership-based governance ecosystem and have restored the ability of the economy to grow healthily. “There are good reasons to believe that India’s economic and financial cycles have become longer and stronger. Consequently, India is poised for sustained brisk growth in the coming years,” the report by the Finance Ministry added on Monday. 

The report highlighted that at the level of sub-national governments, reforms that would unleash the productive potential of India’s MSMEs with streamlined regulatory and compliance obligations and sensitive enforcement, ensure land availability at reasonable prices and measures that would meet the energy needs of the growing economy will guarantee a further acceleration of economic growth. This, along with an increasing share of India’s GDP in the global GDP, reflects the growing importance of the country in the global economic landscape. 

India also accomplished a remarkable feat as its Chandrayaan-3 spacecraft became the first in the world to successfully reach the South Pole of the Moon. The country was also able to achieve the fastest deployment of 5G globally. These are just snapshots from a wide array of areas wherein India and her economy have made major strides in the last decade.