Ashutosh Bansal
January 29, 2024 06:02
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Context: Recently, the Finance Ministry released a report titled, " Indian Economy Review 2024 " prepared by the Chief Economic Adviser office.
Context: Recently, the Finance Ministry released a report titled, “ Indian Economy Review 2024 “ prepared by the Chief Economic Adviser office.
It is divided into two main chapters, each detailing various aspects of India’s economic development, challenges, and resilience.
| Chapter | Description |
| Chapter 1: Indian Economy- Past, Present, and Future |
|
| Chapter 2: What Made the Indian Economy Resilient? |
|
1. Economic Growth Projections: Indian Economy Review 2024
India’s economic journey over the past decade has been remarkable, elevating it from the 10th to the 5th largest global economy. This trajectory is underpinned by a robust growth rate, projected at 7% for FY24, and likely continuing into FY25. The optimism is echoed by global agencies like S&P Global Ratings, highlighting India’s potential as the fastest-growing major economy.
2. Potential as World’s Third-Largest Economy: Indian Economy Review 2024
Looking towards 2030, India is poised to become the world’s third-largest economy, targeting a $7-trillion GDP. This aspiration is supported by the rapid development in public sector infrastructure, financial health, and initiatives like Jan Dhan Yojana, which has significantly improved household financial stability and inclusive development.
3. Challenges and Opportunities: Indian Economy Review 2024
Challenges such as geopolitical conflicts, supply chain disruptions, and the global shift towards AI and green energy are acknowledged. However, India’s effective management of COVID and its balanced approach towards energy transition demonstrate its resilience and adaptability.
4. Future Outlook: Indian Economy Review 2024
The future outlook is bright, with rising aspirations among Indians, a healthier financial sector, and an anticipated continuous GDP growth above 7%, reflecting India’s strong economic fundamentals and potential for further growth.
| Must Read | |
| NCERT Notes For UPSC | UPSC Daily Current Affairs |
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| UPSC Mains Previous Year Papers | UPSC Test Series 2024 |
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