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FY 2023-24 marks third successive year of over 7% growth of Indian economy, predicts Economic Review of government

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The Financial Year 2024 marks the third successive year of over seven percent growth of the Indian economy even as the global economy struggles to grow at more than 3 percent.  According to the Indian Economy Review released by the Department of Economic Affairs, India’s unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions. Projecting the good health of India’s financial sector, the review said that the public sector capital investment has surged in the last 10 years. The report further highlights that the structural reforms implemented since 2014 have strengthened the macroeconomic fundamentals of the economy.

The report highlighted the positive transformation in the fields of employment, ease of doing business, agriculture sector, E-commerce, and climate action.

Marking a significant improvement in women-led development, the report noted that under PM Jan Dhan Yojana, the proportion of women having a bank account has increased from 53 percent in 2015-16 to 78.6 percent in 2019-21. It further added, Female Labour Force Participation rose from 23.3 percent in 2017-18 to 37 percent in 2022-23. Highlighting the enhancement in the education levels of women, the review said that the female gross enrolment ratio in senior secondary education rose from 24.5 percent in 2005 to 58.2 percent in 2022.

Delineating the pivotal role of India’s robust Digital Public Infrastructure, the report noted that the transformation in the authentication ecosystem has reduced the cost of conducting e-KYC from a thousand rupees to five rupees. It said that India is the third-largest fintech economy in the world after the United States of America and the United Kingdom. The review further added, India became the world’s fourth-largest stock market in the world by market capitalisation due to the significant interest from domestic and global investors in the Indian stock market. 

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