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Finance Ministry’s “The Indian Economy: A Review” Report

Finance Ministry's "The Indian Economy: A Review” Report mind map
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Report Title
"The Indian Economy: A Review"
Released By
Ministry of Finance
Context
Before Budget 2024
Chief Economic Adviser
V Anantha Nageswaran
When
Release Date
January 30, 2024
Why
Tribute to Government Policies
Providing Insights
Past Ten Years of Indian Economy
What
Economic Growth
Fastest-Growing Economy in FY24
Surpassing 7% Expansion
For Third Consecutive Year
Milestones
Aspiring to Become
$7 Trillion Economy by 2030
Fiscal Indicators
From High Fiscal Deficits
And Double-Digit Inflation in 2014
To Controlled Inflation
Lower Fiscal Deficit Trends
Current Account Deficit
Just Above 1% of GDP
Foreign Exchange Reserves
Cover Nearly Eleven Months of Imports
Reforms
Financial Sector Strengthening
Balance Sheets Cleanup
Banks and Corporates
Encouraging Lending
To Various Economy Sectors
Goods and Services Tax (GST)
Streamlined Domestic Markets
Incentivized Larger-Scale Production
Enhanced Economic Efficiency
Reduced Logistics Costs
Digital Transformation
Digital Public Infrastructure (DPI)
Transforming Authentication Ecosystem
Reducing e-KYC Costs
E-commerce Market Thriving
Third-Largest Fintech Economy Globally
Behind USA and UK
Agriculture
Demonstrated Resilience
Amidst Global Health Crisis
And Climate Variations
Where
Global Context
India's Growth Amidst
Global Economic Struggles
How
Government's Comprehensive Welfare Approach
Predicted to Increase Consumption Base
By Expanding Middle Class
Public Sector Capital Investment
Considerable Increase Over Past Decade
Significance
Steady Growth
Amidst Global Challenges
Enhancing Quality of Life
And Standard of Living in India
Challenges
Global Health Crisis
Climate Variations
Way Forward
Continued Reforms
In Financial and Agricultural Sectors
Digital Infrastructure Development
For Fostering Economic Growth

The report “The Indian Economy: A Review” by India’s Finance Ministry provides a comprehensive overview of India’s economic progress, highlighting the transformation from high fiscal deficits and inflation to a more stable economic condition with controlled inflation and lower fiscal deficits. It emphasizes India’s status as the fastest-growing major economy, with aspirations to become a $7 trillion economy by 2030. The report underscores significant growth in various sectors, including financial and agricultural, and acknowledges the role of digital transformation in enhancing economic efficiency. Despite global challenges, India’s steady economic growth, backed by government reforms and investments, aims to enhance the quality of life and standard of living for its citizens.

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