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ITS 2025: Integrated Test Series & Mentorship Program for Prelims and Mains. Get Details
3rd February 2024 (9 Topics)

Laying foundations for a developed economy

Context:

Mains Question

  1. Evaluate the role of schemes targeting oil seeds, dairy farmers, and aquaculture in strengthening agri and allied sectors towards self-reliance.

India’s economic strategy of fiscal prudence and capital expenditure-led growth has received global acclaim.

Fiscal Prudence and Economic Resilience

  • Deficit Achievement: India surpasses its fiscal target with a 5.8% deficit for 2023-24, showcasing fiscal prudence amid global uncertainties.
  • Strategic Target: The 2025-26 fiscal deficit goal of 5.1% reinforces economic resilience, crucial in a geopolitically charged world.
  • Capex Momentum: A substantial Rs 11.11 lakh crore capex outlay emphasizes continued support, propelling sustained economic growth.

Inclusive Growth and Sectoral Boosts

  • Agri and Allied Focus: Initiatives promote public-private investment, aiming to elevate post-harvest activities and increase farmers' income and job creation.
  • Self-Reliance Drive: Schemes for oil seeds, comprehensive dairy farmer support, and aquaculture promotion aim at strengthening agri and allied sectors.
  • Welfare Measures: Additional housing, middle-class schemes, and revised Lakhpati Didi targets contribute to inclusive growth, addressing diverse economic needs.

Sustainable Development and Industry Boost

  • Green Economy Priorities: Attention to offshore wind energy, e-vehicle ecosystem, and coal capacity aligns with India's clean and green economic aspirations.
  • Financial Catalyst: A `1-lakh-crore corpus supports low-interest financing, fostering industry R&D and technology adoption for global competitiveness.
  • Atmanirbharta Commitment: Access to credit for MSMEs, deep-tech defense schemes, and financial sector re-invigoration underpin India's commitment to self-reliance.
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