1.

Economic Reforms and Government Policies

 Union Budget 2023-24:

o Focus on inclusive growth, green energy, and digital infrastructure.
o Major initiatives: Rural Development, Infrastructure development, PM Gati
Shakti for connectivity.
o Capital Expenditure (Capex) push: Allocation of higher funds for capital
expenditure to stimulate growth.
o Tax Reforms: Simplification of tax structures and incentives for start-ups.
o Fiscal Deficit: The target for fiscal deficit in 2023-24 was set at 5.9% of GDP.
 National Monetization Pipeline (NMP):
o The government's initiative to unlock the value of public sector assets to boost
infrastructure investment.
o Important sectors under NMP: Roads, railways, airports, and power
transmission.
 Atmanirbhar Bharat 2.0:
o Focus on self-reliance with an emphasis on manufacturing, especially in
defense, electronics, and renewable energy sectors.
o Key initiatives: Production-Linked Incentive (PLI) schemes for electronics and
semiconductors.

2. Financial Sector Developments

 Banking Sector Reforms:

o Pradhan Mantri Jan Dhan Yojana (PMJDY): Focus on financial inclusion,
particularly in rural areas.
o Merging of Public Sector Banks: The government continued efforts to
consolidate public sector banks for greater efficiency.
 Digital Banking:
o Digital Rupee: India’s journey with the Central Bank Digital Currency
(CBDC). Pilot launches and plans for full-scale digital currency.
o UPI (Unified Payments Interface) growth: The growth of UPI-based
transactions, its role in the digital economy, and increased international adoption
(with UAE, Singapore).
 Asset Reconstruction and Securitization:
o Efforts to reduce bad loans and NPAs (Non-Performing Assets) through
schemes like National Asset Reconstruction Company Limited (NARCL).
 Financial Inclusion:
o The government’s initiatives for improving financial literacy and expanding
access to banking services.

3. Inflation and Monetary Policy

 Inflation Control:
 o Consumer Price Index (CPI) Inflation: The government and the Reserve Bank
of India (RBI) focused on controlling inflation. Inflation targeting framework
continues to be a major policy.
o Food Inflation: Concerns over food inflation (especially edible oil, cereals, and
pulses), driven by global supply chain disruptions.
 RBI’s Monetary Policy:
o Repo Rate and Reverse Repo Rate: RBI’s stance on managing inflation through
interest rates. Key discussions around monetary tightening and maintaining
liquidity.
o Liquidity Management: Measures taken to manage liquidity and credit flow in
the economy.
 Global Inflationary Trends:
o Impact of the Russia-Ukraine conflict on global food and energy prices.
o Commodity Price Fluctuations and its impact on India's domestic inflation.

4. Green Economy and Sustainable Development

 India’s Commitment to Net-Zero Emissions:

o India’s 2070 Climate Goal: Prime Minister's announcement of reaching net-zero
emissions by 2070 and other ambitious targets for renewable energy, e-vehicles,
and sustainable development.
o Green Hydrogen Mission: India’s plan to become a global leader in green
hydrogen production.
 National Clean Energy Fund:
o The government’s focus on clean energy and renewable energy projects like
solar and wind energy.
o Electric Vehicle (EV) Policy and Battery Swapping.
 Carbon Pricing and Emission Trading Schemes (ETS) in global trade.

5. Global Economic Challenges and India’s Position

 Impact of the Russia-Ukraine War:

o Disruption of global supply chains, especially energy prices, and how India
navigated through the oil price shocks.
o Food Security: Issues related to wheat, oilseeds, and other staples.
o India’s strategy of balancing its oil imports and international trade relations
amid global geopolitical challenges.
 Global Inflationary Pressures:
o Supply-side inflation and its impact on India’s domestic inflation, especially food
and energy prices.
o US Federal Reserve’s Interest Rate Hike and its effects on emerging markets.

6. Trade and External Sector

 India’s Free Trade Agreements (FTAs):

 o India-UAE Comprehensive Economic Partnership Agreement (CEPA) and
India-Australia FTA to boost exports and investments.
o Efforts to strengthen regional trade through agreements like the Regional
Comprehensive Economic Partnership (RCEP) and the Indo-Pacific
Economic Framework (IPEF).
 Current Account Deficit (CAD):
o Managing the CAD and India’s policy measures to keep the deficit within
sustainable limits.
 Export Growth:
o The government’s focus on increasing exports through Make in India, PLI
schemes, and support for small and medium enterprises (SMEs).

7. Agriculture and Rural Development

 PM-Kisan Scheme:
o Expansion of the PM-Kisan direct income support scheme, which has been a
major tool for supporting farmers.
 Agriculture Reforms:
o Farm Laws and Farmer Protests: After the repeal of the controversial laws in
2021, discussions on the future of agriculture reforms and the MSP (Minimum
Support Price) system.
 Agricultural Infrastructure:
o Investment in agricultural infrastructure, irrigation, warehousing, and cold storage
under various schemes such as Pradhan Mantri Krishi Sinchayee Yojana
(PMKSY).
 Food Security:
o National Food Security Act (NFSA) and its implementation amid rising global
food prices.

8. Employment and Skill Development

 Labour Market Reforms:

o Code on Wages, Industrial Relations Code, and Social Security Code to
formalize the labor market and improve the ease of doing business.
 Skill India Mission:
o Expansion of Skill Development Programs to provide workers with employable
skills, particularly in digital technology and green energy sectors.
 Unemployment:
o Youth unemployment and its implications for economic growth, with a focus on
job creation and entrepreneurship.

9. Economic Growth and Development

 India’s GDP Growth:

o India’s projected growth trajectory post-COVID-19 recovery.
 o Initiatives like Digital India, Startup India, and Make in India contributing to
economic resilience and growth.
 Sustainable Development Goals (SDGs):
o Government initiatives towards poverty reduction, healthcare, education, and
social security in alignment with SDGs.

10. Miscellaneous

 Demonetization Impact (2016-2023): Continuing debates around the impact of

demonetization on India's formal economy and its long-term effects.
 India's Role in the Global Economic Order: India's involvement in global forums such
as G20, BRICS, and World Trade Organization (WTO) negotiations.

1. Additional Economic Reforms and Government Policies

 National Infrastructure Pipeline (NIP): The NIP aims to invest around ₹111 lakh
crore in infrastructure projects, emphasizing transport, energy, water, and
communication. This plan is crucial for India's long-term economic growth and
employment generation.
 National Employment Policy (NEP): In 2023, the Indian government is working
towards reforming labor markets, creating quality employment, and enhancing
employability through Skill India and PMGDISHA (Pradhan Mantri Gramin Digital
Saksharta Abhiyan).

2. Financial Sector Developments (Expanded)

 Capital Market Reforms:

o The Securities and Exchange Board of India (SEBI) introduced several reforms
to enhance transparency and ease of access for retail investors. New measures
include alternate investment funds (AIFs), reforms to foreign portfolio
investments (FPIs), and green bonds to finance environmental projects.
 Corporate Taxation: Reforms in the corporate tax structure, including lowering the
corporate tax rate to 15% for new manufacturing firms and 22% for existing ones
(already implemented), continue to impact economic growth, investment, and industrial
development.
 Non-Banking Financial Companies (NBFCs): Continued efforts to regulate and
strengthen the NBFC sector with a focus on improving credit flow to MSMEs (Micro,
Small, and Medium Enterprises) and addressing asset quality issues.

3. Inflation and Monetary Policy (Additional Updates)

 Inflation in 2023-24:
o The Food Price Inflation and its impact on the CPI became a major concern,
particularly around onion, tomato, and wheat prices.
 o Global Food Security Issues: Due to the war in Ukraine, India’s agricultural
exports (especially wheat and sunflower oil) were impacted, leading to the
government’s response through export bans and stockholding limits to curb
inflation.
 RBI’s Focus on Inflation Targeting:
o The RBI continued its inflation targeting framework and maintained a flexible
inflation targeting approach to keep inflation within the 4±2% range.

4. Green Economy and Sustainable Development (Expanded)

 India’s Green Hydrogen Mission: The Green Hydrogen Policy was launched in 2023
with a vision to produce green hydrogen at ₹300/kg by 2030 and establish hydrogen
production hubs in various states.
 National Electric Mobility Mission: This policy emphasizes electric vehicles (EVs),
setting ambitious targets for EV adoption, battery swapping, and charging
infrastructure.
 PM Gati Shakti National Master Plan:
o The Gati Shakti plan integrates infrastructure projects across various ministries
(such as roads, railways, ports, and airports) to ensure smoother
interconnectivity and supply chains for economic development.

5. External Sector and Global Economic Issues

 Global Economic Slowdown and Its Impact on India:

o The global slowdown in 2023-24, driven by the aftermath of the COVID-19
pandemic, Ukraine conflict, and tightening monetary policies in advanced
economies (like the US Federal Reserve rate hikes), impacted India’s trade, FDI
inflows, and remittances.
 India’s Trade Partnerships:
o India signed the India-Australia Economic Cooperation and Trade Agreement
(ECTA) and India-UAE Comprehensive Economic Partnership Agreement
(CEPA), both of which have significant implications for exports, investment,
and trade relations.
 Currency Depreciation: The rupee depreciation in 2023-24 against the US dollar
(caused by global interest rate hikes) led to concerns over import inflation and CAD
(Current Account Deficit). The RBI intervened through foreign exchange reserves
management.

6. Agriculture and Rural Development (Expanded)

 PM Kisan Scheme (Revised): The PM Kisan Samman Nidhi was extended with
additional features, including income support for farmers involved in horticulture and
livestock farming.
 Agriculture Infrastructure Fund: In 2023-24, increased focus was placed on the
Agriculture Infrastructure Fund (AIF), aimed at improving cold storage facilities,
processing plants, and supply chain for farm produce.
  Fertilizer Subsidy: The government continued to provide subsidies on fertilizers but
faced the challenge of balancing subsidies with agriculture sustainability.

7. Employment and Skill Development (Expanded)

 Startup India and MSMEs:

o The Startup India initiative received a further boost in 2023-24, with tax breaks
and easier compliance norms for startups in tech, green energy, and agri-tech
sectors.
 PMGDISHA (Digital Literacy Scheme):
o With the increasing digitization of the economy, programs like PMGDISHA and
Skill India gained momentum, aiming to provide digital skills and enhance
employment in rural areas.

8. Industrial Growth and Manufacturing

 PLI Scheme (Production Linked Incentive):

o The PLI scheme for electronics manufacturing, semiconductors, and mobile
phone production has shown promising results, attracting global players and
boosting exports.
 Manufacturing Sector Growth:
o The National Manufacturing Policy (NMP) focused on smart cities, green
technologies, and high-tech manufacturing to make India a global
manufacturing hub.

9. Banking and Financial Sector (Expanded Updates)

 RBI’s Digital Rupee (CBDC):

o Central Bank Digital Currency (CBDC) pilot was launched in 2023. This has
implications for monetary policy, financial inclusion, and digital economy.
 Banking Sector Consolidation:
o The government continued efforts to merge public sector banks (PSBs) to create
larger, more competitive entities. The Privatization of Banks debate continued
with some strategic privatization moves.

10. Economic and Fiscal Management

 Fiscal Deficit and Debt Management:

o India’s fiscal deficit remained a concern for the government, especially as public
spending was required for infrastructure projects and social welfare programs.
o Public Debt Management: Steps to manage India’s increasing public debt while
balancing social security expenditure and fiscal prudence.
1. Banking and Monetary Policy

1.1. Monetary Policy of RBI

 Repo Rate: RBI raised the repo rate to 6.5% (Jan 2025) to control inflation, with the aim to bring
inflation closer to the 4% target.
 Inflation Control: Inflation is projected at 5.5% for FY2024, with efforts to maintain price
stability in line with monetary policy.

1.1.1. Variable Repo Rate (VRR)

 The VRR is introduced to better manage liquidity, allowing RBI to control short-term borrowing
costs for banks and inject liquidity when needed. VRR replaces the traditional fixed repo rate in
certain operations.

1.2. Revised Priority Sector Lending Norms

 RBI revised PSL norms to ensure 40% of total credit is directed towards priority sectors like
agriculture, MSMEs, and education by FY2024. This aims to foster economic growth in
underserved sectors.

1.3. Mumbai Interbank Outright Rate (MIBOR)

 The MIBOR is crucial for determining the short-term lending rates between banks in Mumbai. It
has shown stability around 7.0% as of FY2023, influencing borrowing costs in the market.

1.4. RBI Surplus Transfer

 RBI transferred ₹99,122 crore to the government in FY2023. This includes surplus earnings from
its monetary operations, contributing to government revenue.

1.4.1. Ways and Means Advances Scheme

 The WMA Scheme allows the government to borrow short-term from the RBI. In FY2023, the
government used ₹50,000 crore under this scheme to manage fiscal deficits.

1.4.2. Other Key Developments

 Financial Inclusion Index: The index increased by 5% in 2023, demonstrating greater reach of
financial services to marginalized and rural populations.
 RBI Ombudsman Scheme: To address customer grievances effectively, the RBI integrated all
existing ombudsman schemes under one platform in 2023.
1.5. Universal Banks

 RBI continues to allow new universal banks in the sector, with ₹100 crore capital requirement,
focusing on ensuring broad-based banking services across urban and rural India.

1.6. Urban Cooperative Banks

 PCA framework: Urban cooperative banks are under strict monitoring for financial health. As of
2023, 16 banks were placed under PCA for failing to meet required financial parameters.

1.7. 50 years of Indian Microfinance Sector

 India’s microfinance sector crossed ₹2 lakh crore in disbursals by FY2023, focusing on financial
inclusion for rural households and micro-enterprises.

1.8. Non-Banking Financial Companies (NBFCs)

 NBFCs now hold 21% of the total credit market. However, the sector is facing rising NPAs, with
₹1.5 lakh crore worth of bad loans as of 2023.

1.9. Non-Performing Assets (NPAs)

 NPAs in the banking sector have reduced to 3.9% of total loans in FY2023, reflecting improved
recovery efforts.

1.9.1. Wilful Defaulters

 The number of wilful defaulters in India decreased by 10% in 2023, with RBI focusing on stricter
penalties and better resolution mechanisms.

1.10. Insolvency and Bankruptcy Code (IBC) 2016

 The IBC has led to the resolution of over ₹7 lakh crore worth of distressed assets by FY2023,
with close to 350 cases resolved under the code.

1.11. Asset Reconstruction Companies (ARCs)

 ARCs are managing ₹3.5 lakh crore of stressed assets as of FY2023. They help banks recover bad
loans and improve liquidity in the financial sector.

1.12. Household Savings Rate

 The household savings rate stood at 19.5% of GDP in FY2023, reflecting a slowdown in personal
savings due to rising inflation.
2. Finance and Taxation

2.1. Goods and Service Tax (GST)

 GST Collections: India recorded ₹1.6 lakh crore in GST collections in December 2023, a 40%
increase year-on-year.
 GST Reforms: Discussions continue on GST rate rationalization, especially regarding inverted
duty structures in the textile and footwear sectors.

2.1.1. Inverted Duty Structure (IDS)

 The IDS continues to create issues for certain sectors. Textile and footwear sectors are pushing
for GST reforms to fix the issue, which has led to higher costs for manufacturers.

2.2. Long-Term Capital Gains (LTCG) & Indexation Benefit

 The LTCG tax (10% on gains over ₹1 lakh) continues to impact market investments, particularly
in the stock market. The government is considering changes to indexation benefits for tax
optimization.

2.3. Inheritance Tax

 Inheritance tax discussions have resurfaced in 2023, with experts suggesting its return as a tool
for reducing inequality. However, no major moves have been made yet.

2.4. Advance Pricing Agreements (APAs)

 India has signed over 300 APAs to avoid double taxation and provide certainty for multinational
corporations in their tax compliance.

2.4.1. Double Taxation Avoidance Agreement (DTAA)

 India has signed 85 DTAAs with countries, ensuring tax relief for individuals and businesses to
avoid paying tax twice on the same income.

2.5. UN Global Tax Treaty

 India is aligning its tax policies with the OECD's global tax framework, focusing on taxing digital
economy firms.

2.6. Other Key Developments

 Windfall Tax: India introduced a windfall tax on crude oil producers in 2023, collecting ₹35,000
crore for the government.
3. Payment Systems & Financial Markets

3.1. Digital Public Infrastructure (DPI)

 The Digital Public Infrastructure (DPI), including UPI and Aadhaar, expanded significantly in
2023, enabling real-time transactions worth ₹15 lakh crore annually.

3.2. Unified Payments Interface (UPI)

 UPI reached ₹15 lakh crore in total transaction value in FY2023, growing by 40% annually. UPI-
linked credit cards were launched to further enhance digital payments.

3.3. Securities and Exchange Board of India (SEBI)

 SEBI introduced stricter guidelines to improve market transparency, especially after the Adani
Group controversy. In 2023, it tightened rules on corporate governance and insider trading.

3.4. National Stock Exchange (NSE)

 Co-location controversy: The NSE co-location case was settled in 2023, with enhanced
regulations on market access and order matching.

3.5. Financialization

 The trend of financialization of savings continues, with mutual funds, equity investments, and
insurance growing by 15-20% annually.

3.6. Indian Derivative Markets

 The derivative market has grown significantly, with Nifty and Sensex futures trading volumes
reaching ₹8 lakh crore in FY2023.

3.7. Credit Rating Agencies

 Credit agencies like CRISIL and ICRA are playing an increasing role in assessing credit risk, with a
10% rise in rated issuers in FY2023.

3.8. Other Key Developments

 Infrastructure Investment Trusts (InvITs) saw ₹1.2 lakh crore worth of investments in FY2023,
reflecting growing interest in long-term infrastructure assets.
 Perpetual Bonds: India introduced perpetual bonds for capital infusion into public sector banks
in 2023.
4. External Sector

4.1. India’s Trade Deficit

 India’s trade deficit in FY2023 stood at $170 billion, with crude oil imports accounting for over
30% of the total imports.

4.2. Foreign Direct Investment (FDI)

 FDI inflows into India increased to $84 billion in FY2023, a 20% rise from the previous year, with
significant investments in technology and renewable energy.

4.3. Internationalisation of Indian Rupee

 The Indian Rupee (INR) saw increasing use in global trade, especially with Russia and Sri Lanka,
reducing reliance on the US Dollar for trade transactions.

4.5. WTO Agreements

 India continues to push for agriculture subsidies and food security issues at the WTO,
particularly regarding the Geneva Package on fisheries subsidies.

5. Economic Development and Poverty

5.1. Gross Fixed Capital Formation (GFCF)

 GFCF in India has shown growth of 8.2% in FY2023, signaling robust investments in
infrastructure and industrial development. This is crucial for enhancing economic productivity
and overall growth.

5.2. Human Development Report (HDR) 2023-2024

 India ranks 132nd on the Human Development Index (HDI) in the 2023 HDR. While healthcare
and education sectors have improved, disparities persist in health and education.

5.3. Global Multidimensional Poverty Index (MPI)

 According to the 2023 MPI, India reduced poverty by 27% between 2015 and 2021, lifting 415
million people out of multidimensional poverty, focusing on areas like health, education, and
living standards.

5.4. Middle Income Trap

 India faces challenges associated with the Middle-Income Trap where growth slows after
reaching middle-income levels. This phenomenon hampers long-term sustainable development
despite high growth rates in early stages.
5.4.1. Preston Curve

 The Preston Curve suggests that as economies grow, their income increases, but improvements
in life expectancy become slower as countries reach middle-income levels, impacting India's
future growth trajectory.

5.5. Nobel Prize in Economic Sciences

 2023 Nobel Prize in Economic Sciences was awarded to Claudia Goldin for her groundbreaking
work on gender inequality in the labor market, highlighting the gap in earnings between men
and women globally.

6. Agriculture & Allied Sector

6.1. Agriculture Sector

 Agricultural GDP grew by 3.5% in FY2023, driven by higher productivity in cereal crops, pulses,
and horticulture. Challenges like water scarcity and climate change remain pressing.

6.1.1. Horticulture Sector in India

 The horticulture sector saw growth of 4.7% in FY2023, with fruit and vegetable production
reaching a record 310 million tonnes, contributing significantly to India’s agricultural exports.

6.1.2. Krishi Vigyan Kendra (KVK)

 The KVK network expanded, reaching 650 districts by 2023, promoting sustainable farming
techniques and improving crop productivity.

6.1.3. Digital Agriculture Mission

 India launched the Digital Agriculture Mission with a ₹1,000 crore budget to enhance digital
tools in farming, including soil health monitoring and precision agriculture.

6.1.4. Livestock Sector in India

 India's livestock sector saw 7% growth in FY2023. The dairy sector remains the largest
contributor, with production of 210 million tonnes of milk in 2023.

6.2. White Revolution 2.0

 White Revolution 2.0 focuses on enhancing milk production and processing in India. ₹22,000
crore has been allocated to improve dairy infrastructure and increase milk yield.
6.3. Agriculture Infrastructure Fund

 Launched with a budget of ₹1 lakh crore, the Agriculture Infrastructure Fund aims to
strengthen storage, processing, and marketing facilities in rural areas, benefiting small farmers.

6.4. Agri-Tech

 The Agri-Tech sector is growing rapidly, with startups raising ₹5,000 crore in 2023, focusing on
farm-to-fork technologies, precision farming, and AI-driven solutions.

6.5. Minimum Support Price (MSP)

 MSP for wheat in 2023 was fixed at ₹2,125 per quintal, reflecting the government’s
commitment to protecting farmers’ incomes.

6.6. India’s Agriculture Export Policy

 India's agriculture exports reached a record $50 billion in FY2023, driven by demand for spices,
fruits, and vegetables in international markets.

6.7. World's Largest Grain Storage Plan in Cooperative Sector

 India launched the world’s largest grain storage facility in the cooperative sector, with an
investment of ₹10,000 crore, aiming to store over 100 million tonnes of grains.

6.8. National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds)

 Aimed at reducing dependence on imports, the NMEO-Oilseeds seeks to increase domestic

production by 20% in the next 5 years.

6.9. Millet

 India set a millet production target of 15 million tonnes by FY2025, aligning with the UN
declaring 2023 as the International Year of Millets.

6.10. SPICED Scheme

 The SPICED Scheme promotes sustainable farming practices with a focus on organic farming,
soil health, and water conservation across India.

6.11. Pulses

 Pulse production in India is expected to reach 28 million tonnes in FY2023, with the
government focusing on increasing yield and self-sufficiency.
6.12. Jute

 India’s jute industry produced 1.5 million tonnes in FY2023, contributing significantly to the
textile and packaging industries.

6.13. NABARD All India Rural Financial Inclusion Survey (NAFIS) 2021-22

 NAFIS 2021-22 reported a 15% increase in rural households’ access to formal financial services,
including credit and insurance.

6.14. Primary Agriculture Credit Societies (PACS)

 PACS are being restructured to provide financial services to rural India more effectively, with
the government approving ₹25,000 crore for modernization.

6.15. Fisheries Sector

 The fisheries sector grew by 9.2% in FY2023, with India becoming the second-largest producer
of fish globally, contributing to export earnings.

6.15.1. Seaweed Farming

 India’s seaweed farming potential is expected to reach ₹10,000 crore in the next decade, with
coastal states promoting this sector for economic and ecological benefits.

6.16. Other Key Developments

 Central Silk Board: Focus on improving silk production with a target of 3,000 tonnes of silk by
FY2025.
 ICAR-NISA: Focused on improving secondary agriculture and post-harvest technology to reduce
wastage and increase farmer income.

7. Labour and Employment

7.1. Periodic Labour Force Survey

 The 2023 Labour Force Survey reported an unemployment rate of 7.3%, with a significant
decline in youth unemployment.

7.2. Gig Economy

 The gig economy in India grew by 15% in FY2023, with platform-based workers increasing in
areas like e-commerce, transport, and delivery services.
7.3. Living Wage

 The government initiated discussions on establishing a living wage across states, particularly in
the informal sector, to ensure fair compensation for workers.

7.4. Insurance Regulatory and Development Authority of India (IRDAI)

 IRDAI introduced regulations for digital insurance platforms in 2023, aiming to increase
insurance penetration to 7.5% of GDP by 2025.

8. Business, Innovation, and Entrepreneurship

8.1. B Ready Index

 The B Ready Index tracks business readiness in India, ranking India 8th globally for its
entrepreneurial environment and ease of doing business.

8.2. India’s Startup Ecosystem

 India ranks 3rd in the world for the number of unicorn startups, with a valuation of $100 billion
as of 2023.

8.2.1. Angel Tax

 In 2023, the government reduced the Angel Tax rate from 30% to 15% for startups, promoting
early-stage investment.

8.3. Patents (Amendment) Rules, 2024

 The Patents (Amendment) Rules, 2024 aim to streamline the patent application process,
enhancing India’s position as a hub for intellectual property.

8.4. Global Innovation Index 2024

 India ranks 40th in the 2024 Global Innovation Index, with improvements in technology
development, R&D, and knowledge creation.

8.5. Treaty on Intellectual Property, Genetic Resources, and Associated Traditional Knowledge

 India continues to push for stronger international frameworks protecting traditional knowledge
and genetic resources under the WTO.

9. Infrastructure
9.1. PM Gati Shakti National Master Plan

 The PM Gati Shakti aims to integrate infrastructure planning across sectors. It received an
allocation of ₹20,000 crore in 2023 to enhance multimodal connectivity, including roads, ports,
and airports, focusing on the logistics sector.

9.2. Public-Private Partnership (PPP) Framework in India

 The PPP model continues to play a vital role in infrastructure development. In 2023, the
government emphasized the ₹25,000 crore Infrastructure Development Fund, facilitating
investments in road, rail, and energy projects.

9.3. Asset Monetization

 The National Asset Monetization Pipeline (NAMP) targets monetizing ₹6 lakh crore worth of
government-owned assets by 2025 to finance infrastructure projects and boost economic
growth.

9.4. Industrial Parks

 India has seen an increase in the number of Industrial Parks, with 50 new parks being
developed, focusing on sectors like electronics, pharmaceuticals, and automobile
manufacturing.

9.5. Logistics Sector of India

 The logistics sector in India grew by 10% in FY2023, driven by the implementation of the
National Logistics Policy, aiming to reduce logistics costs from 13% to 8% of GDP by 2030.

9.6. India’s Port Sector

 India’s port sector handled 1.2 billion tonnes of cargo in FY2023, with major projects like the
Mumbai Port Expansion and Cochin Port Modernization aimed at improving cargo handling
capacity.

9.6.1. Other Key Developments Related to Port Sector

 India’s Sagarmala Project aims to enhance port infrastructure and improve connectivity for
better cargo handling efficiency. ₹40,000 crore was allocated for port modernization in FY2023.

9.7. Indian Railways Safety

 In 2023, Indian Railways introduced a ₹50,000 crore safety and modernization plan, focusing on
train collision avoidance systems and upgrading tracks.
9.8. National Bank for Financing Infrastructure and Development (NaBFID)

 NaBFID, established with a ₹20,000 crore corpus, is financing long-term infrastructure projects,
particularly in transport, power, and urban development.

10. Services

10.1. E-commerce

 India’s e-commerce sector reached ₹9 lakh crore in 2023, growing by 16% year-on-year, with
increasing adoption of digital payments and logistics improvements.

10.1.1. Open Network for Digital Commerce (ONDC)

 The ONDC platform was launched in 2023 to create a level-playing field in e-commerce,
ensuring interoperability and promoting small retailers across India.

10.1.2. Antitrust Laws

 India has strengthened its antitrust laws, with the Competition Commission of India (CCI)
approving the Competition (Amendment) Bill, 2024, aimed at enhancing market competition,
improving consumer welfare, and tackling monopolistic practices.

11. Mining, Energy & Industry

11.1. Coal Sector in India

 India’s coal production reached 900 million tonnes in FY2023. The government is pushing for
cleaner coal technologies and increased production to meet energy demands while reducing
imports.

11.2. Offshore Minerals in India

 India’s exploration of offshore minerals saw an increase in investments, particularly in deep-sea

mining for critical minerals like cobalt and nickel essential for electric vehicle batteries.

11.3. Steel Sector

 The steel sector grew by 5% in FY2023, with production reaching 110 million tonnes. India
remains the second-largest steel producer globally, focusing on eco-friendly production.
11.4. Bio-Economy

 India’s bio-economy is expected to reach ₹15 lakh crore by 2025, driven by growth in
biotechnology, agriculture, and healthcare sectors, with the biotech sector alone valued at ₹5
lakh crore.

11.5. Space Economy

 Indian Space Economy Growth: The Indian space economy is projected to grow from ₹36,000
crore in 2023 to ₹1.75 lakh crore by 2025. Reforms like IN-SPACe and the Space Policy 2023 are
promoting private sector involvement. Key achievements include successful satellite launches
by ISRO and private players like Skyroot Aerospace and OneWeb.
 Space Exploration: India's Chandrayaan-3 successfully landed a rover on the Moon in 2023. The
Gaganyaan mission for human spaceflight is scheduled for 2025, marking India's advancement
in space exploration.

11.6. Voluntary Vehicle Modernization Program

 The Voluntary Vehicle Modernization Program was launched to promote the scrapping of old
vehicles, reducing emissions and improving fuel efficiency. The scheme encourages recycling
and upgrading to more eco-friendly vehicles, aiming to remove over 1 crore vehicles that are 20
years old or more by 2030.

11.7. National Electricity Plan (Transmission)

 The National Electricity Plan (Transmission) emphasizes strengthening India’s power

transmission network to ensure stable and reliable electricity supply. The government has set a
target to expand the transmission capacity to meet the growing energy demands, particularly in
remote areas, with a projected investment of ₹5 lakh crore over the next decade.

11.8. Textiles Sector

 The textiles sector is a major contributor to India’s economy, accounting for over 2% of GDP.
The government has introduced several initiatives to boost the sector, including the PM Mitra
Scheme, which focuses on setting up textile parks for sustainable growth.
11.8.1. Technical Textiles

 The technical textiles industry in India has been growing rapidly, driven by demand in sectors
like automotive, healthcare, and agriculture. It is expected to reach a market size of ₹2.5 lakh
crore by 2025. The government has been promoting the sector through policies like the
National Technical Textiles Mission.

11.9. Other Key Developments

11.9.1. Index of Eight Core Industries

 The Index of Eight Core Industries measures the performance of key sectors like coal,
electricity, steel, cement, and refinery products. In 2023, the growth rate of core industries
stood at 6.4%, contributing significantly to industrial output and economic recovery.

11.9.2. Navratna Status

 Several public sector enterprises (PSEs) have been granted Navratna status, which provides
them with greater operational autonomy and financial flexibility. Companies like Bharat Heavy
Electricals Limited (BHEL) and Indian Oil Corporation (IOC) are among the 2023 beneficiaries of
this status.

11.9.3. Expert Committee on Developing GIFT IFSC

 The Expert Committee on Developing GIFT IFSC (Gujarat International Finance Tec-City
International Financial Services Centre) has been working to enhance India’s financial services
sector. The committee aims to make GIFT IFSC a global financial hub, focusing on capital
market development and banking services.

11.9.4. World Gold Council (WGC)

 The World Gold Council (WGC) has forecasted India’s gold demand to reach 800-900 tonnes in
2023, driven by rising incomes, urbanization, and festive demand. The council continues to work
on promoting gold-backed financial products and investments.

12. Miscellaneous

12.1. Nidhi Companies

 Nidhi companies are those that primarily deal with the acceptance of deposits and lending to
their members. The government is working on regulations to ensure better transparency and
accountability within these companies to safeguard investor interests.
12.2. ISI Mark

 The ISI mark (Indian Standard Institute) is a certification for products that conform to national
standards. In 2023, the government emphasized the importance of the ISI mark in ensuring
quality control and consumer protection across various sectors, including food items,
electronics, and building materials.

12.3. Green Shoots

 The term green shoots refers to early signs of economic recovery, particularly in industrial
output and exports. India’s economy showed green shoots of growth in 2023 with a rebound in
manufacturing and service sector performance, supported by government reforms and
infrastructure investments.

12.4. Enhanced Integrated Framework (EIF)

 The EIF focuses on trade facilitation in developing countries. India has been an active
participant in the EIF program, using it to strengthen its global trade relations and to enhance
access to international markets.

12.5. Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024

 The Digital Bharat Nidhi Rules, 2024 aim to streamline the administration of the
telecommunications sector in India. These rules are designed to enhance digital connectivity,
especially in rural areas, and ensure compliance with cybersecurity norms.

12.6. NCoE for Animation, Visual Effects, Gaming, Comics, and Extended Reality

 The government has set up the National Centre of Excellence (NCoE) for Animation, Visual
Effects, Gaming, Comics, and Extended Reality (XR) to promote digital entertainment and
creative industries. This initiative is expected to help create new job opportunities and enhance
India’s presence in the global entertainment market.

Summary of Key Data and Developments

1. Space Economy: The Indian space economy is set to grow from ₹36,000 crore in 2023 to ₹1.75
lakh crore by 2025, driven by government reforms and private sector growth.
2. Voluntary Vehicle Modernization Program: The program aims to modernize India’s vehicle fleet
by removing over 1 crore old vehicles by 2030.
3. Textiles Sector: The technical textiles industry in India is poised to reach ₹2.5 lakh crore by
2025.
4. Core Industries Growth: The Index of Eight Core Industries saw a growth rate of 6.4% in 2023.
5. GIFT IFSC: India is focusing on developing the GIFT IFSC into a global financial hub through the
work of an expert committee.
6. Gold Demand: India’s gold demand is projected at 800-900 tonnes in 2023, according to the
World Gold Council.