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.
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.