As India anticipates the upcoming interim budget on February 1, a review of the country's economic landscape over the last decade revealed key achievements and milestones. According to the Finance Ministry's assessment, Unified Payments Interface (UPI) transactions have surged from ₹0.07 lakh crore in FY17 to ₹143.4 lakh crore in FY24 (April-December 2023).
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The government further lauded Aadhaar initiatives in its 10-year report card on the Indian economy.
‘The Indian Economy: A Review’ report further stated that the Aadhaar has been recognised for providing a digital identity to every Indian, addressing the historical gaps in formal identification and banking access.
On PM Jan Dhan Yojana, the report said India has increased the proportion of women having a bank account that they themselves use, from 53% in 2015-16 to 78.6% in 2019-21.
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission for financial inclusion to ensure access to financial services, namely, banking/savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner.
On demat accounts, the Finance Ministry said they have increased to 13.9 crore at the end of December 2023 marking an explosive 536% growth from the total number of accounts as at the end of March 2014.
The report stressed on Digital Public Infrastructure (DPI) as a transformative force reshaping the authentication landscape.
The DPI's impact is exemplified by reduction in the cost of e-KYC from ₹1,000 to ₹5.
This, in turn, has facilitated seamless online, paperless, and cashless digital access to a wide array of public and private services, the economic review said.
Turning to the stock markets, the Finance Ministry asserted that India has now ascended to the position of the world's fourth-largest stock market by market capitalisation, surpassing even Hong Kong.
This accomplishment is attributed to heightened interest from both domestic and global investors, supported by sustained initial public offering (IPO) activity.
The review also underscored the influence of internet connectivity, smartphone adoption and urbanisation.
A particular highlight from the report is the Open Network for Digital Commerce (ONDC). The review lauded ONDC for its role in opening global markets for even the smallest businesses.
In the realm of fintech, the report added that India has solidified its standing as the world's third-largest economy, following the USA and the UK.
Notably, companies undergoing the Insolvency and Bankruptcy Code (IBC) resolution process exhibit post-resolution improvements in their performance, according to the review.
The report concluded by highlighting the surge in retail investors participating in the cash market segment of the equity markets on the NSE, with a 3.8-fold increase between FY18 and FY22.
(Edited by : Shoma Bhattacharjee)
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