The Indian Economy: A Review – Department of Economic Affairs
Department of Economic Affairs has released a review report highlighting an overview of Indian economy. This report is in place of the annual economic survey.
As per the report, India's gross domestic product (GDP) would grow faster than 7.2% in FY24, even as the world economy struggles to grow at more than 3%, India is the third-largest fintech economy in the world, after the USA and the UK, overtaken Hong Kong to become the fourth-largest stock market in the world due to interest from domestic and global investors and sustained IPO activity, female labour force participation rate (LFPR) hiked from 23.3% in 2017-18 to 37% in 2022–23 among other things.
Micro, medium and small enterprises (MSMEs) are also becoming increasingly dynamic with the government’s supportive measures, as per the report. The adoption of the Goods and Services Tax (GST), along with the unification of domestic markets and increased incentives for production, has enhanced economic efficiency and subsequently reduced logistics costs.
