| The Survey’s six-pronged strategy focuses on- Capital formation in the private sector grows organically and steadily. Financing green transition for India is an area where public-private partnerships will be critical. The Survey’s six-pronged strategy focuses on- Capital formation in the private sector grows organically and steadily. Financing green transition for India is an area where public-private partnerships will be critical. RThe Survey’s six-pronged strategy focuses on- Capital formation in the private sector grows organically and steadily. Financing green transition for India is an area where public-private partnerships will be critical. Removing credit gaps for MSMEs. Tapping the potential of agriculture with intelligent, farmer-friendly policies. India’s education policies and skill policies should adopt a laser-like focus on learning and skilling outcomes. To enhance state capacity and capability, state machinery needs to reinvent and reinvigorate. |
- The Indian economy has broadly caught up with pre-COVID growth trends, avoiding permanent scarring, and is expected to grow by 6.5% to 7% this year, according to the Economic Survey for 2023-24.
- The Survey highlights the need to address inequality and unemployment as policy priorities.
- Chief Economic Adviser (CEA) V. Anantha Nageswaran urged the Union and State governments to relinquish regulatory powers to ease the burden on businesses and called on the corporate sector, which is currently experiencing high profits, to generate productive jobs in its own “enlightened self-interest.”
- Noting a significant slowdown in IT sector hiring over the past two years, the survey emphasised that the Indian industry should consider how AI can augment labour rather than displace workers.
- The Survey noted that corporations benefit from the higher demand generated by employment and income growth, while the financial sector benefits from channelling household savings for investment purposes. However, warned that “short-termism” could weaken these linkages.
- It also pointed out the negative impact of social media, screen time, sedentary habits, and unhealthy food on public health and productivity, criticizing the private sector’s contribution to these issues.
- India’s per capita income GDP has risen seven times since 1990 to $2,500, but achieving $10,000 by 2047 requires a different approach.
Dig Deeper: What is short-termism in the financial sector?
