What are the key economic reforms and policy initiatives that have contributed to "India's Ascent to theWorld's Third-Largest Economy by 2028"
Question
What are the key economic reforms and policy initiatives that have contributed to India's Ascent to the World's Third-Largest Economy by 2028?
Solution
India's ascent to the world's third-largest economy by 2028 is attributed to a series of economic reforms and policy initiatives. Here are some key factors:
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Liberalization: In 1991, India initiated economic liberalization, reducing government controls on foreign trade and investment. This policy shift led to a significant increase in foreign direct investment (FDI) and economic growth.
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Information Technology and Service Sector Boom: The late 1990s and early 2000s saw a boom in the IT and service sectors. This led to a significant increase in exports and job creation, contributing to economic growth.
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Pradhan Mantri Jan Dhan Yojana (PMJDY): Launched in 2014, this initiative aimed to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This has led to increased financial inclusion and economic activity.
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Goods and Services Tax (GST): Implemented in 2017, GST is a comprehensive indirect tax on manufacture, sale, and consumption of goods and services throughout India. It has simplified the tax structure, making it easier for businesses and boosting economic activity.
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Make in India: Launched in 2014, this initiative aims to encourage companies to manufacture their products in India and incentivize dedicated investments into manufacturing. This has attracted foreign direct investment and boosted manufacturing sector growth.
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Digital India: This initiative aims to ensure government services are made available to citizens electronically by improving online infrastructure and increasing Internet connectivity. It has led to an increase in digital transactions and e-commerce, contributing to economic growth.
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Infrastructure Development: The government has launched various initiatives to improve infrastructure, including the Bharatmala and Sagarmala projects for road and port connectivity. Improved infrastructure boosts economic activity by improving connectivity and reducing transportation costs.
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Ease of Doing Business: India has made significant strides in improving its 'Ease of Doing Business' ranking by the World Bank. This has been achieved through various reforms aimed at simplifying the regulatory environment for businesses.
These reforms and policy initiatives have collectively contributed to India's robust economic growth, propelling it towards becoming the world's third-largest economy by 2028.
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