{"id":254441,"date":"2023-08-02T20:46:56","date_gmt":"2023-08-02T15:16:56","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=254441"},"modified":"2023-08-02T20:46:56","modified_gmt":"2023-08-02T15:16:56","slug":"roadmap-to-making-india-a-5-trillion-economy","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/roadmap-to-making-india-a-5-trillion-economy\/","title":{"rendered":"Roadmap to making India a $5 trillion economy"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article \u201c<\/span>Roadmap to making India a $5 trillion economy<\/b>\u201d\u00a0 <\/b>published in <\/span>PIB on 1st August 2023.<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

Government has informed the Lok Sabha about the steps taken to make India a <\/span>$5 trillion economy.<\/span><\/p>\n

What is the roadmap of the government to make India a <\/b>$5 trillion economy?<\/b><\/h2>\n

Government\u2019s roadmap to achieve a $5 trillion economy involves focusing on macro-level growth while ensuring comprehensive welfare at the micro level.\u00a0<\/span><\/p>\n

The roadmap also includes promoting digital economy and fintech, technology-enabled development, energy transition, climate action, and relying on a virtuous cycle of investment and growth.<\/span><\/p>\n

What are the major steps taken by the government <\/b>to make India a <\/b>$5 trillion economy?<\/b><\/h2>\n

Reforms undertaken: <\/b>The major reforms include Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), a significant reduction in the corporate tax rate, Make in India and Start-up India strategies and Production Linked Incentive Schemes.<\/span><\/p>\n

Increase in Capital Investment: <\/b>Government has focused on a capex-led growth strategy to support economic growth and attract investment from the private sector by increasing its capital investment outlay substantially during the last three years.\u00a0<\/span><\/p>\n

\u2013 The Central Government\u2019s capital expenditure has increased from 2.15% of GDP in 2020-21 to 2.7% of GDP in 2022-23.<\/span><\/p>\n

Union Budget 2023-24<\/b>: It has taken 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% to \u20b910 lakh crore (3.3% of GDP). Direct capital investment by the Centre is also complemented by Grants-in-Aid to States for the creation of capital assets.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cRoadmap to making India a $5 trillion economy\u201d\u00a0 published in PIB on 1st August 2023. What is the News? Government has informed the Lok Sabha about the steps taken to make India a $5 trillion economy. What is the roadmap of the government to make India a… Continue reading Roadmap to making India a $5 trillion economy<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[3590],"class_list":["post-254441","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-pib","entry"],"jetpack_featured_media_url":"","views":{"total":70,"cached_at":"","cached_date":1700118769},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/254441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=254441"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/254441\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=254441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=254441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=254441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}