The State Bank of India researchers stated that nearly half of India s consumption will be carried out by the lower-income segment, comprising 90% of the population, by the end of the next decade. This prediction highlights the country s progress in bridging the inequality gap and challenges the notion of a flawed K-shaped recovery. According to the researchers, the post-pandemic period witnessed a significant shift in consumption patterns, with an additional Rs 8.2 trillion of consumption now being directed towards the lower end of the economic pyramid.
Narendra Modi government s focus on electronics is spot on. While the use of industrial policy in the sense of active government intervention to prop up a particular industry is contentious and not consistently successful, if there is one sector worth gambling on - because it is so fundamental to future economic success - it is electronics.
In its year-end review, the Department of Pharmaceuticals (DoP) also said the Pradhan Mantri Bhartiya Janaushadhi Pariyojana achieved its target of opening 10,000 retail outlets in 2023 to provide quality generic medicines at affordable prices to the poor and underprivileged.
The government is still working on the standard operating procedures (SoPs) for claiming incentives, nearly two years after the scheme became operational
The unlocking of investment mindset and the financialization of savings have begun. India has significant potential for growth and the addition of new income tax payers is a positive sign.