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Economy
Mahesh

02/08/23 06:38 AM IST

Roadmap to making India a $5 trillion economy

In News
  • The Government’s roadmap for making India a $5 trillion economy comprises focussing on growth at the macro level and complementing it with all-inclusive welfare at the micro level, promoting digital economy and fintech, technology-enabled development, etc.
About the Strategy
  • The Government’s Road Map was put into effect in 2014.
  • The major reforms including Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), a significant reduction in the corporate tax rate, the Make in India and Start-up India strategies, and Production Linked Incentive Schemes, among others, have been implemented.
  • The Government has also focused on a capex-led growth strategy to support economic growth and attract investment from the private sector, increasing its capital investment outlay substantially during the last three years.
  • Central Government’s capital expenditure has increased from 2.15 per cent of GDP in 2020-21 to 2.7 per cent of GDP in 2022-23.
  • The Union Budget 2023-24 has taken further steps to sustain the high growth of India's economy.
  • These include a substantial increase in capital investment outlay for the third year in a row by 33 per cent to ₹10 lakh crore (3.3 per cent of GDP).
  • Direct capital investment by the Centre is also complemented by Grants-in-Aid to States for the creation of capital assets.
  • The ‘Effective Capital Expenditure’ of the Centre was accordingly budgeted at 13.7 lakh crore (4.5 per cent of GDP) for 2023-24.
Source- PIB

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