Atul Kriti
According to “The Indian Economy: A Review” by the Department of Economic Affairs, the Indian industry is expected to grow at a healthy 8 per cent per year, owing to the government’s strategic initiatives.
The review also discusses various initiatives such as the ‘Make in India’ initiative and particularly about the Production Linked Incentive (PLI) scheme, which has incentivised manufacturers across 14 sectors, resulting in substantial investments, increased production and exports, and significant job creation, particularly for Micro, Small, and Medium Enterprises (MSMEs).
On the other hand, initiatives like Startup India have fostered innovation and entrepreneurship, leading to the creation of over 12 lakh jobs and the facilitation of millions of transactions through the Open Network for Digital Commerce (ONDC), reflecting the rapid digitalisation and entrepreneurial ethos in the country. The Open Network for Digital Commerce has recorded more than 6.3 million transactions in November 2023.
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Regulatory reforms have streamlined business operations, with over 3,600 compliances decriminalised to enhance the ease of doing business. Notably, the Jan Vishwas Amendment Bill 2023 aims to decriminalise numerous provisions, further improving the business environment.
The vibrancy of MSMEs has been augmented by supportive government measures, including provisions for timely payments facilitated through tax deductions and the Udyam portal, which has streamlined the registration of MSMEs. Additionally, initiatives like the PM Vishwakarma have provided holistic support to artisans and craftspeople, attracting significant enrollment.
The Pradhan Mantri Mudra Yojana and the Credit Guarantee Fund Trust for Micro & Small Enterprises have significantly boosted credit disbursement to non-corporate, non-farm small and micro enterprises. The Emergency Credit Line Guarantee Scheme has further supported enterprises, contributing to an impressive average annual growth of 16.8 percent in credit provided by scheduled commercial banks to micro and small enterprises.
The Logistics Interface Platform (ULIP) under the National Logistics Policy is revolutionising the logistics industry, integrating various systems and entities to enhance efficiency and reduce logistics costs. The integration of GST data with ULIP has facilitated multi-modal cargo tracking and demand-supply mapping for trade, leading to a noteworthy decline in logistics costs in the economy.
According to the Economic Review, the concerted efforts of the government have propelled the Indian economy forward, fostering resilience, innovation, and sustainable growth across various sectors. The proactive measures and reforms have set the stage for India’s economic prowess on the global stage, laying a foundation for continued prosperity and development.
