22 October 2024 : PIB Summary For UPSC
1. India’s Rise: A New Era of Economic Prosperity
(Source – https://pib.gov.in/PressReleseDetail.aspx?PRID=2066779®=3&lang=1 )
| Topic: GS3 – Indian Economy |
| Context |
|
India’s Economic Growth Surge
- India’s economic rise has captured global attention, positioning the country as a formidable contender on the global stage.
- The country’s GDP is projected to grow at a robust 7% in FY 2024-25, continuing its position as the fastest-growing major economy.
- India’s growth is consistently outpacing China, with the latter’s GDP projected to grow at 4.8% in 2024, slowing to 4.3% in 2025.
- This economic surge is attributed to transformative policies and reforms implemented over the past decade, laying a strong foundation for sustained growth.
Important Government Initiatives And Their Success
| Scheme/Policy | Objective | Key Features | Achievements |
| Digital India | Transform India into a digitally empowered society. | Focus on digital infrastructure, digital literacy, and e-governance. | Launched in 2015; significant increase in internet penetration. |
| Startup India | Promote entrepreneurship and innovation. | Funding support, tax exemptions, and easier compliance for startups. | Over 151,000 recognized startups; created 15.5 lakh direct jobs. |
| Pradhan Mantri Jan Dhan Yojana | Financial inclusion for unbanked individuals. | Zero-balance bank accounts, overdraft facilities, and insurance cover. | Over 53 crore bank accounts opened since 2014. |
| Pradhan Mantri Awas Yojana (PMAY-U) | Provide affordable housing for urban poor. | Subsidies for housing loans, construction of affordable housing units. | Over 1.18 crore houses sanctioned, with more than 87.25 lakh constructed. |
| Ayushman Bharat | Provide healthcare coverage to vulnerable populations. | Health insurance coverage of up to ₹5 lakh per family per year for secondary and tertiary care. | Over 35.6 crore Ayushman Cards issued. |
| Unified Payments Interface (UPI) | Facilitate digital transactions. | Instant transfer of money between bank accounts via mobile devices. | Transactions grew from 92 crore in FY 2017-18 to over 13,116 crore in FY 2023-24. |
| CoWIN | Support vaccination efforts during the COVID-19 pandemic. | Digital platform for registration, scheduling, and monitoring vaccination. | Enabled the administration of over 220 crore vaccine doses. |
| Skill India Mission | Enhance the employability of youth. | Skill development programs across various sectors. | Trained over 1 crore individuals since its launch in 2015. |
| Make in India | Promote manufacturing and attract investments. | Initiatives to ease doing business, encourage innovation, and boost local manufacturing. | Attracted significant foreign direct investment (FDI) in various sectors. |
| Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) | Provide direct income support to farmers. | ₹6,000 per year to eligible farmer families in three installments. | Over ₹1.75 lakh crore transferred to farmers since its launch in 2019. |
India’s Long-Term Growth Potential
- This comprehensive development strategy positions India as a future global economic powerhouse capable of surpassing major competitors in the coming decades.
| PYQ: Do you agree with the view that steady GDP growth and low inflation have left the Indian economy in good shape? Give reasons in support of your arguments. (150 words/10m) (UPSC CSE (M) GS-3 2019) |
| Practice Question: Discuss how initiatives like Digital India and Startup India have contributed to India’s economic growth. Analyse their role in fostering innovation, financial inclusion, and long-term economic resilience. (250 Words /15 marks) |
