DAILY prePARE :The Indian Economy Review 2024: Key Insights Uncovered!

Today, we're diving deep into the Indian Economic Review 2024, uncovering critical insights into India's economic performance and future prospects.
Get ready for an in-depth analysis, as we explore the unique circumstances surrounding this year's review.
As India gears up for the 2024 Lok Sabha polls, there's a conspicuous absence – the traditional Economic Survey.
Instead, the government has introduced a special document titled "Indian Economy – A Review."
The decision to skip the Economic Survey this year is rooted in the upcoming general elections.
There's a genuine concern that the survey could become a political tool, potentially disrupting the regular budget process that follows its presentation.
We have the "Indian Economy – A Review," a document stepping up to provide critical insights into the economic performance of the last decade and what lies ahead.
The review kicks off with ambitious growth projections.
India is poised to become a $5 trillion economy within three years, with a potential reach of $7 trillion by 2030.
The GDP growth rate for FY24 is anticipated to surpass 7.2%, outpacing the global economy struggling to achieve a growth rate exceeding 3%.
This marks the third consecutive year of India achieving a growth rate exceeding 7%.
The report sheds light on the positive impact of structural reforms implemented over the past decade.
Increased public sector investment, a robust financial sector, and significant non-food credit growth have contributed to the moderate yet consistent growth of the Indian economy.
Let's talk about India's fintech prowess!
The review proudly declares India as the third-largest fintech economy globally, following the USA and the UK.
Moreover, surpassing Hong Kong, India now holds the fourth position in the global stock market rankings.
This achievement is attributed to both domestic and global investor interest, coupled with a continuous flow of Initial Public Offerings (IPOs).
Shifting our focus to financial inclusion, the Pradhan Mantri Jan Dhan Yojana has played a crucial role in increasing the percentage of women holding bank accounts.
The report highlights a substantial rise from 53% in 2015-16 to an impressive 78.6% in 2019-21.
Women empowerment takes center stage!
Initiatives like the Skill India Mission, Start-Up India, and Stand-Up India have led to a significant increase in the female labor force participation rate (LFPR), rising from 23.3% in 2017-18 to 37% in 2022-23.
The Gross Enrolment Ratio (GER) for females in higher education has seen a fourfold increase, reaching 27.9% in FY21 from 6.7% in FY01.
Overall GER has more than doubled from 24.5% to 58.2% between FY05 and FY22.
Micro, Small, and Medium Enterprises (MSMEs) are experiencing heightened dynamism due to supportive government measures.
The implementation of the Goods and Services Tax (GST), along with domestic market integration and increased incentives for production, has led to improved economic efficiency and reduced logistics costs.
Celebrating these achievements, the review maintains a cautious outlook on future growth and inflation, acknowledging global uncertainties and challenges that may impact India’s economic trajectory.
Now, let's delve into some key takeaways, summarizing the highlights of the Indian Economic Review 2024.
India is poised to surpass 7.2% GDP growth in FY24, outpacing global economic struggles for a 3% growth rate.
The Indian economy is set to achieve over 7% growth for the third consecutive year.
Public sector investment rise, robust financial sector, and substantial non-food credit growth over the decade.
India ranks as the third-largest fintech economy globally, after the USA and the UK.
India becomes the fourth-largest stock market globally, surpassing Hong Kong, due to investor interest and IPO activity.
PM Jan Dhan Yojana contributes to a significant increase in women holding bank accounts (53% in 2015-16 to 78.6% in 2019-21).
Female LFPR rises from 23.3% in 2017-18 to 37% in 2022–23; initiatives like Skill India, Start-Up India, and Stand-Up India promote women’s involvement.
GER for females in higher education increases fourfold, from 6.7% in FY01 to 27.9% in FY21; overall GER doubles from 24.5% to 58.2% (FY05 to FY22).
MSMEs experience increased dynamism due to government support.
GST implementation, domestic market integration, and production incentives lead to improved economic efficiency and reduced logistics costs.
There you have it – a comprehensive look at the Indian Economic Review 2024.
#IndianEconomy2024
#GDPGrowthIndia
#FintechIndia
#GlobalStockMarketRanking
#FinancialInclusionIndia
#WomenEmpowermentIndia
#SkillIndiaMission
#StartUpIndia
#StandUpIndia
#MSMEDevelopment
#EconomicEfficiencyIndia
#JanDhanYojana
#FemaleLFPRRise
#HigherEducationIndia
#India7TrillionEconomy
#EconomicReview2024
#IndianPublicSectorInvestment
#IPOBoomIndia
#EconomicOutlookIndia