Saturday, 07 September 2024
Saturday, 07 September 2024
India's GDP
India's GDP is projected to grow at 6.5% to 7% in the current fiscal year, navigating global challenges that could affect exports. This projection for 2024-25 is lower than the 8.2 percent growth rate estimated for the previous financial year, according to the Economic Survey 2023-24 presented in Parliament.
Goods and Services Tax
The Economic Survey highlights the pivotal role of the Goods and Services Tax (GST) in reducing logistics costs. The 'One Nation, One Tax' framework has significantly cut travel time by up to 30%, eliminating prolonged waits at state borders for trucks.
Education
Improving the quality of education, particularly at the primary level, requires a unified effort from the Centre, states, and local bodies, the Economic Survey suggests. The National Education Policy (NEP) 2020 aims to achieve foundational literacy and numeracy for all children by the third standard in the near future.
China
The Economic Survey emphasises that increased foreign direct investment inflows from China can enhance India’s global supply chain participation and boost exports. Government measures such as mandatory quality norms and higher customs duties have notably supported domestic toy manufacturers in increasing exports and reducing reliance on Chinese imports.
Jobs
The Indian economy needs to generate an average of nearly 78.5 lakh jobs annually in the non-farm sector until 2030 to accommodate the growing workforce, as per the Economic Survey 2023-24. It also notes that not everyone of working age will seek jobs, with some opting for self-employment or entrepreneurial roles.
Capital Markets and Stock Market
Capital markets are playing a more prominent role in India’s growth, with a growing share in capital formation driven by technology, innovation, and digitisation. However, the Economic Survey cautions against the surge in retail participation in the stock market, warning that expectations of high returns without considering real market conditions could be problematic.
Food Prices
Extreme weather, lower reservoir levels, and crop damage have impacted farm output, leading to higher food prices over the past two years. The Economic Survey highlights that adverse weather conditions particularly affected the production of vegetables and pulses.
Mental Health
The Economic Survey raises alarms over the increasing mental health issues among Indians, advocating for a bottom-up, community-based approach to tackle the problem. It calls for a significant shift in societal attitudes towards mental health and an increase in the number of psychiatrists and school-based mental health interventions.
Data Privacy and Online Frauds
Issues related to data privacy and rising online frauds are emerging as significant hurdles in the growth of e-commerce in India, said the Economic Survey 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross USD 350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms.
Gender Budget
The Economic Survey notes a substantial rise in the gender budget, which increased from Rs 97,134 crore in FY 2014 to Rs 3.1 lakh crore in FY 2025. This represents a 38.7% rise compared to FY 2024 and a 218.8% increase since FY 2014, now making up 6.5% of the total Union Budget.
