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Topic: India's Economic Successes Post-COVID-19

Why in News: India's remarkable economic growth post-COVID-19, marked by a 7.2% growth in FY2023 and projected growth of 6.3% in FY2024, underscores its resilience and success in economic development.

Key Facts for Prelims:

India's economy grew by 7.2% in FY2023, making it the fastest-growing major economy.

The International Monetary Fund (IMF) projects India to be the third-largest economy by 2027.

The government's focus has been on inclusive growth, alongside accelerating economic growth.

Significant reduction in multidimensional poverty, with 13.5 crore Indians escaping poverty from 2015-16 to 2019-21.

Analysis for Mains:

Economic Resilience Post-COVID-19:

India's rapid economic recovery post-pandemic demonstrates robustness in economic policies and adaptation.

Example: Year-over-year growth rate of 7.2% in FY23 highlights recovery and progress.

Government Initiatives:

Steps like Insolvency and Bankruptcy Code (IBC) and GST have strengthened the economy.

Policy Impact: IBC helped in reducing NPAs, GST unified markets, and corporate tax cuts in 2019 spurred investments.

Inclusive Growth and Poverty Alleviation:

Government policies have been pivotal in poverty reduction and enhancing living standards.

Case Study: NITI Aayog’s report showing a decline in multidimensional poverty.

Agricultural and Rural Development:

Focus on diversification of agriculture and improvement in rural infrastructure.

Implication: Enhanced nutrition levels and increased income from non-traditional agricultural sectors.