India’s Path to Sustainable Growth: Policy Reforms, Digital Transformation and Resilience.

Abstract

India’s economic growth has been very stable against a backdrop of global headwinds, i.e., the COVID-19 pandemic, geopolitical tensions, shock to energy prices, monetary tightening (in developed economies). According to the World Economic Outlook Update from the International Monetary Fund (January 2023), India’s highest GDP growth recorded at 6.1-6.5%, will make the country home to the fastest-growing major economy. The paper looks at the structural and policy level aspects of India’s resilience as of January 2023. Drawing on secondary data from the IMF, RBI, World Bank, NITI Aayog and NPCI, the paper underscores the importance of fiscal-monetary coordination, digitalisation and expansion, MSME empowerment, Production Linked Incentive (PLI) programs and green energy programs. Trends in GDP growth, inflation, UPI transactions, repo rates, FDI inflows are indicated by the use of tables and figures. Also included in this article is comparative analysis with China, Vietnam, Indonesia, Singapore and India, positioning India in the global perspective. As part of this study is a policy analysis with strategic policy implications, along with an approach to India @2047, on where inclusiveness, sustainability and innovation are the foundations of long-term prosperity that should underpin future prosperity as highlighted in the development plan from the perspective of the development plan