In the past decade, India has undergone remarkable economic growth and transformative reforms, positioning itself as one of the world’s fastest-growing major economies. Despite the challenges posed by the COVID-19 pandemic, India has achieved significant milestones, aiming to become the world’s third-largest economy and reach a $5 trillion GDP.
businessline’s KR Srivats speaks to Madan Sabnavis, Chief Economist at Bank of Baroda to understand India’s economic performance over the past decade.
Sabnavis identifies game-changing initiatives in India’s economic landscape over the last decade. First being GST, which streamlined business activities and increased tax compliance. He also applauded the establishment of the Monetary Policy Committee for bringing transparency and effectiveness to monetary policy decisions and the significant push towards digitisation, that has enhanced system efficiency across domains as reasons for this growth.
Despite these accomplishments, Sabnavis acknowledged agriculture as an area where progress has been slower. He identified issues such as the incomplete commercialisation of agriculture, and the need for further reforms in farm laws as challenges for the government’s next term. Despite these challenges, Sabnavis remains hopeful that the government will address these issues and accelerate progress in the agricultural sector.
Sabnavis expresses confidence in India’s economic trajectory, highlighting the country’s robust financial system and positive policy frameworks as key strengths.
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Host: Srivats KR; Producer: Siddharth Mathew Cherian.