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India’s fastest growth in last decade
The report titled ‘India Equity Strategy and Economics: How India Has Transformed in Less than a Decade’ has been published by US financial services firm Morgan Stanley. The report has been sets out how path-breaking economic initiatives are being taken by the Modi administration for improving India’s micro and macro outlook in a span of 10 years.
The report has its core debut is about “This India is different from what it was in 2013”.
India’s Prime Minister Narendra Modi is celebrating its ninth anniversary of his government in New Delhi this month. The report about span of 10 years of Indian economy has been authored by Morgan Stanley India’s Chief Economist and Managing Director Ridham Desai.
He highlights on 10 significant and transformational changes which has been witnessed by India over the past decade and majorly under the watch of PM Modi’s administration, who rose to power in 2014.
Ten changes in Indian Economy:
The significant changes about the Indian economy in span of last decade highlighted below:
1. Supply-side Policy Reforms
2. Formalisation of the Economy
3. Real Estate (Regulation and Development) Act
4. Digitalising Social Transfers
5. Insolvency and Bankruptcy Code
6. Flexible Inflation Targeting
7. Focus on FDI
8. India’s 401(k) Moment
9. Government Support for Corporate Profits
10. MNC Sentiment at Multiyear High
Morgan Stanley’s prediction about India:
The report has also showed its predications over the Indian economy and it has noted that the manufacturing sector will lead the GDP growth in India for the next seven years.
Morgan Stanley on Armanirbhar Bharat:
Self-reliant or ‘Atmanirbhar’ Bharat initiative has been undertaken as it’s one of the key economic initiatives over the last five years.
It purposes to make India less dependent on international factors by increasing and supporting the manufacturing sector led by domestic demand.
Underlining in report:
The report underlines that the Indian government’s decision to reduce corporate tax rates in 2019.
This move has heightened India’s competitiveness in the global market and attracted more investment to the country.