Over the past decade, India has witnessed remarkable progress and economic transformation, reflecting a commitment to inclusive development and good governance. This journey encompasses empowering women, ensuring transparent governance, robust economic management, and navigating global complexities. As we delve into the accomplishments, challenges, and strategies, a pivotal aspect is the intersection of economic growth and the upcoming financial budget, shaping India’s trajectory for the years to come.
Momentum for Nari Shakti
Over the past decade, India has made significant strides in empowering women across multiple dimensions through several key initiatives:
- Schemes providing access to credit, skills training, and markets have enabled more women to start their own businesses and chart an entrepreneurial path as entrepreneurs.
- Legal reforms and policies like increased political representation have helped advance gender equality and women’s rights.
- Housing and sanitation programs in rural areas have made daily living easier for women while upholding their dignity.
- The cumulative impact of these efforts has been the greater economic, social and political empowerment of Indian women.
- Much remains to be done, but the country has embarked on a transformative journey towards an inclusive and just society where women are equal participants and stakeholders.
GDP: Exemplary Governance and Development
- Beyond prioritizing high GDP growth, the Government has focused on delivering comprehensive ‘Governance, Development and Performance’ (GDP).
- It has provided transparent, accountable and people-centric administration guided by the ‘citizen-first’ and ‘minimum government, maximum governance’ approach.
- The impact of all-round development is visible across sectors. Macro-economic stability has been maintained, including external sector stability. Investments remain robust and the economy is performing well.
- People are living and earning better, with greater aspirations for the future. Average real incomes have increased substantially. The government has effectively implemented programs and large projects, enabling people to pursue their goals while containing inflation.
The multipronged economic management over the past decade has supported inclusive, people-centric development. Key aspects include:
- Accelerated building of physical, digital and social infrastructure.
- Increased participation of all regions in economic growth.
- Leveraging digital public infrastructure to formalize the economy.
- GST enabling ‘One Nation, One Tax’ market. Tax reforms widening the base.
- Financial sector strengthening driving efficient savings, credit and investment.
- GIFT IFSC and IFSCA creating a gateway for global capital and financial services.
- Proactive inflation management keeping inflation in check.
- Overall, prudent economic policies have reinforced growth, stability and formalization of the economy, while making it more inclusive.
- Geopolitically, global affairs are becoming more complex due to conflicts and wars. Globalization is being redefined through reshoring, friend-shoring, supply chain disruptions, and competition over critical resources. A new world order is taking shape post-pandemic.
- India assumed the G20 presidency during challenging times globally – high inflation, interest rates, debt, and climate threats. The pandemic had also sparked crises in food, fertilizers, fuel and finances. Amidst this, India successfully navigated its own way and showed leadership in building consensus on solutions.
- The recently launched India-Middle East-Europe corridor is a strategic economic gamechanger for India and partners. As per the Prime Minister, this corridor initiated in India will shape world trade for centuries, with history remembering its origins here.
In conclusion, India’s strides in the last decade are emblematic of its resilience and dedication to fostering a thriving and equitable society. The ongoing empowerment of women, exemplary governance, and strategic economic measures underscore the nation’s commitment to progress. As the financial budget takes center stage, it becomes a key instrument in fortifying these achievements and steering India towards sustained economic growth and prosperity in the future.
Stay on this page, and we will discuss more details of the FY 2024-2025 budget later.