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1. GROWING
INDIA
GROUP MEMBERS :
Chinmay Naik
Robin Samuel
Shubham Ghatkar
Shreshth Kumar Mahto

2. INTRODUCTION
India has emerged as the fastest growing major economy in the world
and is expected to be one of the top three economic powers in the
world over the next 10-15 years, backed by its robust democracy and
strong partnerships. India’s real gross domestic product (GDP) at
current prices stood at US$ 1.82 trillion in FY21. India is the fourth-
largest unicorn base in the world with over 21 unicorns collectively
valued at US$ 73.2 billion.According to data from the RBI the foreign
exchange reserves in India increased by US$ 6.842 billion to reach US$
605 billion.
•India is the fourth-largest unicorn base in the world with over
21 unicorns collectively valued at US$ 73.2 billion, as per the
Hurun Global Unicorn List. By 2025, India is expected to have
~100 unicorns by 2025.
•According to data from the RBI, the foreign exchange
reserves in India increased by US$ 6.842 billion to reach US$
605 billion.

3. Post-liberalisation period (since 1991)
• The collapse of the Soviet Union led to spike in
oil prices, resulted in a major balance-of-
payments crisis for India, which found itself
facing the prospect of defaulting on its loans.
• In response, the Narasimha Rao government,
including Finance Minister Manmohan Singh,
initiated economic reforms in 1991.
• Since then, the overall thrust of liberalisation
has remained the same and by the turn of the
21st century, India had progressed towards a
free-market economy.

4. •Foreign investment in the country increased from US$132 million in
1991–92 to $5.3 billion in 1995–96.
• India recorded its highest GDP growth rate of 9.6%. becoming the second
fastest growing major economy in the world, next only to China.
•This has been accompanied by increases in life expectancy, literacy rates,
and food security, although urban residents have benefited more than rural
residents

5. INDIA'S HDI
INDIA’S HDI VALUE FOR 2019 IS 0.645— WHICH PUT THE COUNTRY
IN THE MEDIUM HUMAN DEVELOPMENT CATEGORY—POSITIONING IT
AT 131 OUT OF 189 COUNTRIES AND TERRITORIES. BETWEEN 1990
AND 2019, INDIA’S HDI VALUE INCREASED FROM 0.429 TO 0.645,
AN INCREASE OF 50.3 PERCENT. TABLE A REVIEWS INDIA’S
PROGRESS IN EACH OF THE HDI INDICATORS. BETWEEN 1990 AND
2019, INDIA’S LIFE EXPECTANCY AT BIRTH INCREASED BY 11.8
YEARS, MEAN YEARS OF SCHOOLING INCREASED BY 3.5 YEARS AND
EXPECTED YEARS OF SCHOOLING INCREASED BY 4.5 YEARS. INDIA’S
GNI PER CAPITA INCREASED BY ABOUT 273.9 PERCENT BETWEEN
1990 AND 2019.

6. BELOW TABLE REVIEWS INDIA’S PROGRESS IN EACH OF THE HDI INDICATORS.
BETWEEN 1990 AND 2019, INDIA’S LIFE EXPECTANCY AT BIRTH INCREASED BY 11.8
YEARS, MEAN YEARS OF SCHOOLING INCREASED BY 3.5 YEARS AND EXPECTED
YEARS OF SCHOOLING INCREASED BY 4.5 YEARS.

7. INDIA'S PROGREE
TOWARDS
ACHEIVING
MELLENIUM
DEVELOPMENT
GOAL

8. GOAL 1: ERADICATE EXTREME HUNGER AND POVERTY
INDIA HAS BEEN MODERATELY SUCCESSFUL IN REDUCING POVERTY. IN
1990, THE ALL-INDIA POVERTY HEAD COUNT RATIO (PHCR) WAS ESTIMATED
TO BE 47.8%. IN ORDER TO MEET THE 2015 TARGET, THE PHCR LEVEL HAS TO
BE 23.9%. IN 2011-12, THE PHCR WAS 21.9%. THIS INDICATES THAT, INDIA
HAS ACHIEVED THE POVERTY REDUCTION TARGET.
GOAL 2: ACHIEVE UNIVERSAL PRIMARY EDUCATION
India has made significant progress in universalizing primary education and is moderately on
track to achieve this Millennium Development Goal. Enrolment and completion rates of girls in
primary school have improved and are catching up with those of boys, as are elementary
completion rates. At the national level, male and female youth literacy rate is likely to be at
94.81% and 92.47%.

9. GOAL 3: PROMOTE GENDER EQUALITY AND EMPOWER WOMEN
India is on track to achieve gender parity at all education levels, having already achieved
it at the primary level. As of August 2015, India, the world's largest democracy, has only
65 women representatives out of 542 members in Lok Sabha, while there are 31 female
representatives in the 242 member Rajya Sabha and hence presently the proportion of
seats in National Parliament held by women is only 12.24% against the target of 50%.
GOAL 4: REDUCE CHILD MORTALITY
GLOBALLY, SIGNIFICANT PROGRESS HAS BEEN MADE IN REDUCING MORTALITY IN CHILDREN
UNDER 5 YEARS OF AGE. IN 2013, 6.3 MILLION CHILDREN UNDER 5 DIED, COMPARED WITH
12.7 MILLION IN 1990. BETWEEN 1990 AND 2013, UNDER-5 MORTALITY DECLINED BY 49%,
FROM AN ESTIMATED RATE OF 90 DEATHS PER 1000 LIVE BIRTHS TO 46. THE GLOBAL RATE
OF DECLINE HAS ALSO ACCELERATED IN RECENT YEARS – FROM 1.2% PER ANNUM DURING
1990–1995 TO 4.0% DURING 2005–2013. DESPITE THIS IMPROVEMENT, THE WORLD IS
UNLIKELY TO ACHIEVE THE MDG TARGET OF A TWO-THIRDS REDUCTION IN 1990 MORTALITY
LEVELS BY THE YEAR 2015.

10. GOAL 5: IMPROVE MATERNAL HEALTH
DESPITE A SIGNIFICANT REDUCTION IN THE NUMBER OF MATERNAL DEATHS – FROM AN ESTIMATED 523 000
IN 1990 TO 289 000 IN 2013 – THE RATE OF DECLINE IS LESS THAN HALF OF WHAT IS NEEDED TO ACHIEVE
THE MDG TARGET OF A THREE QUARTERS REDUCTION IN THE MORTALITY RATIO BETWEEN 1990 AND 2015.TO
REDUCE THE NUMBER OF MATERNAL DEATHS, WOMEN NEED ACCESS TO GOOD-QUALITY REPRODUCTIVE
HEALTH CARE AND EFFECTIVE INTERVENTIONS. IN 2012, 64% OF WOMEN AGED 15–49 YEARS WHO WERE
MARRIED OR IN A CONSENSUAL UNION WERE USING SOME FORM OF CONTRACEPTION, WHILE 12% WANTED
TO STOP OR POSTPONE CHILDBEARING BUT WERE NOT USING CONTRACEPTION.
GOAL 6: COMBAT HIV/AIDS, MALARIA AND OTHER DISEASES
IN 2013 AN ESTIMATED 2.1 MILLION PEOPLE WERE NEWLY INFECTED WITH HIV – DOWN FROM 3.4 MILLION
IN 2001. BY THE END OF 2013 ABOUT 12.9 MILLION PEOPLE WERE RECEIVING ANTIRETROVIRAL THERAPY
(ART) GLOBALLY. OF THESE, 11.7 MILLION LIVED IN LOW- AND MIDDLE-INCOME COUNTRIES, REPRESENTING
36% OF THE ESTIMATED 32.6 MILLION PEOPLE LIVING WITH HIV IN THESE COUNTRIES. SHOULD CURRENT
TRENDS CONTINUE THE TARGET OF PLACING 15 MILLION PEOPLE ON ART BY 2015 WILL BE EXCEEDED.
THE DECREASE IN THE NUMBER OF THOSE NEWLY INFECTED ALONG WITH THE INCREASED AVAILABILITY OF
ART HAVE CONTRIBUTED TO A MAJOR DECLINE IN HIV MORTALITY LEVELS – FROM 2.4 MILLION PEOPLE IN
2005 TO AN ESTIMATED 1.5 MILLION IN 2013. AS FEWER PEOPLE DIE FROM AIDS-RELATED CAUSES THE
NUMBER OF PEOPLE LIVING WITH HIV IS LIKELY TO CONTINUE TO GROW.

11. GOAL 8 :DEVELOPE A GLOBAL PARTERNSHIP FOR DEVELOPMENT
MANY PEOPLE CONTINUE TO FACE A SCARCITY OF MEDICINES IN THE PUBLIC SECTOR, FORCING THEM TO THE
PRIVATE SECTOR WHERE PRICES CAN BE SUBSTANTIALLY HIGHER. SURVEYS UNDERTAKEN FROM 2007-2013
SHOW THE AVERAGE AVAILABILITY OF SELECTED GENERIC MEDICINES IN 21 LOW- AND MIDDLE-INCOME
COUNTRIES WAS ONLY 55% IN THE PUBLIC SECTOR.
EVEN THE LOWEST-PRICED GENERICS CAN PUT COMMON TREATMENTS BEYOND THE REACH OF LOW-INCOME
HOUSEHOLDS IN DEVELOPING COUNTRIES. THE GREATEST PRICE IS PAID BY PATIENTS SUFFERING CHRONIC
DISEASES. EFFECTIVE TREATMENTS FOR THE MAJORITY OF THE GLOBAL CHRONIC DISEASE BURDEN EXIST, YET
UNIVERSAL ACCESS REMAINS OUT-OF-REACH.
GOAL 7: ENSURE ENVIRONMENTAL SUSTAINABILITY
India has made some progress and is on track towards achieving the Seventh
Millennium Development Goal of ensuring environmental sustainability. Forest
cover has increased to 21.23 percent - an increase of 5871 sq. km, and protected
areas cover to about 4.83 percent of the country’s total land area. Reducing the
energy intensity of GDP growth through higher energy efficiency will be the key to
achieving energy security.

12. INDIA'S SDG
INDIA HAS PLAYED AN IMPORTANT ROLE IN SHAPING
THE SUSTAINABLE DEVELOPMENT GOALS (SDGS). THIS
HAS MEANT THAT THE COUNTRY’S NATIONAL
DEVELOPMENT GOALS ARE MIRRORED IN THE SDGS.
PRIME MINISTER NARENDRA MODI HAS STATED, “THESE
GOALS REFLECT OUR EVOLVING UNDERSTANDING OF
THE SOCIAL, ECONOMIC AND ENVIRONMENTAL
LINKAGES THAT DEFINE OUR LIVES.” INDIA’S
DEVELOPMENT MANTRA “SABKA SAATH SABKA VIKAS”
(COLLECTIVE EFFORT, INCLUSIVE DEVELOPMENT) AND
THE ASSOCIATED NATIONAL PROGRAMS CLOSELY
TRACK THE SDGS. LS ARE MIRRORED IN THE SDGS.

13. SUSTAINABLE
DEVELOPMENT
GOALS
GOAL 1: END POVERTY IN ALL ITS FORMS EVERYWHERE
THERE IS COMPELLING EVIDENCE THAT THE RAPID GROWTH INDIA HAS ACHIEVED
FOLLOWING THE ECONOMIC REFORMS INITIATED IN 1991 HAS LED TO
SIGNIFICANT REDUCTION IN POVERTY. POVERTY HAS FALLEN ACROSS ALL
ECONOMIC, SOCIAL AND RELIGIOUS GROUPS NATIONALLY AND IN ALL STATES IN
THE POST-REFORM ERA. SUSTAINED GROWTH (6.2% FROM 1993- 94 TO 2003-04
AND 8.3% FROM 2004-05 TO 2011-12) HAS CREATED GAINFUL EMPLOYMENT AND
HELPED RAISE WAGES THEREBY DIRECTLY EMPOWERING THE POOR. IT HAS ALSO
BROUGHT THE GOVERNMENT AN INCREASED VOLUME OF REVENUES ENABLING IT
TO SUSTAIN A HIGH LEVEL OF SOCIAL SPENDING AND, THUS, DOUBLING THE
DIRECT EFFECT OF GROWTH ON POVERTY.

14. GOAL 2: END HUNGER, ACHIEVE FOOD SECURITY AND IMPROVED
NUTRITION AND PROMOTE SUSTAINABLE AGRICULTURE
SIGNIFICANT PROGRESS HAS BEEN MADE IN IMPROVING FOOD AND
NUTRITION SECURITY. FOR INSTANCE, STUNTING AMONG CHILDREN
LESS THAN 5 YEARS HAS DECLINED FROM 48% TO 38.4% BETWEEN
2005-06 AND 2015-16. DURING THE SAME PERIOD, THE PERCENTAGE OF
UNDERWEIGHT CHILDREN HAS DECLINED FROM 42.5% TO 35.7%.
GOAL 3: ENSURE HEALTHY LIVES AND PROMOTE WELL BEING FOR ALL AT ALL
AGES.
INDIA HAS MADE SIGNIFICANT STRIDES IN IMPROVING VARIOUS HEALTH
INDICATORS. THE INFANT MORTALITY RATE HAS DECLINED FROM 57 IN 2005-
06 TO 41 IN 2015-16. SIMILARLY, UNDER-5 MORTALITY RATE HAS FALLEN FROM
74 TO 50 OVER THE SAME PERIOD. THIS HAS BEEN ENABLED, AT LEAST
PARTIALLY, BY A SIGNIFICANT IMPROVEMENT IN VACCINATION COVERAGE
FOR CHILDREN BETWEEN 12-23 MONTHS OF AGE. MOREOVER, INSTITUTIONAL
DELIVERIES HAVE INCREASED FROM 38.7% IN 2005-06 TO 78.9% IN 2015-16.
THE COUNTRY’S STRATEGY IN HEALTH IS FOCUSED ON PROVIDING ESSENTIAL
SERVICES TO THE ENTIRE POPULATION, WITH A SPECIAL EMPHASIS ON THE
POOR AND VULNERABLE GROUPS.

15. GOAL 5: BUILD RESILIENT INFRASTRUCTURE, PROMOTE INCLUSIVE AND SUSTAINABLE
INDUSTRIALIZATION AND FOSTER INNOVATION
ALL FORMS OF TRANSPORTATION - ROADS, RAILWAYS, CIVIL AVIATION AND WATERWAYS - ARE
BEING RAPIDLY EXPANDED. ROAD CONNECTIVITY AND ELECTRICITY ARE BEING BROUGHT TO ALL
VILLAGES. THE BHARAT BROADBAND NETWORK LTD. INITIATIVE IS AIMING TO PROVIDE HIGH-SPEED
BROADBAND CONNECTIVITY TO ALL VILLAGE COUNCILS IN THE COUNTRY. OVER THE LAST FIVE
YEARS, THERE HAS BEEN A CONSISTENT GROWTH IN INSTALLED ELECTRICITY GENERATION CAPACITY.
THE INSTALLED CAPACITY IN NON-FOSSIL-FUEL SECTORS HAS GROWN BY 51.3% AND MORE THAN
DOUBLED IN THE RENEWABLE ENERGY SECTOR (SOLAR, WIND, BIO- AND SMALL HYDRO POWER).
GOAL 4: ACHIEVE GENDER EQUALITY AND EMPOWER ALL WOMEN AND GIRL
MUCH MORE PROGRESS REMAINS TO BE MADE, A NUMBER OF INDICATORS PERTAINING TO THE
STATUS OF WOMEN IN INDIA HAVE MOVED IN THE RIGHT DIRECTION OVER THE YEARS. FOR
INSTANCE, 68.4% OF WOMEN WERE LITERATE IN 2015-16, AS COMPARED TO 55.1% IN 2005-06.
ADDITIONALLY, 53% OF WOMEN WERE INDEPENDENTLY USING A BANK OR SAVINGS ACCOUNT IN
2015-16, WHICH IS A SIGNIFICANT IMPROVEMENT FROM 15.1% IN 2005-06.

16. GOAL 7: REVITALIZE THE GLOBAL PARTNERSHIP FOR SUSTAINABLE DEVELOPMENT
WHILE WORKING TOWARDS REVITALISING THE GLOBAL PARTNERSHIP FOR THE ACHIEVEMENT OF THE SDGS, INDIA
REAFFIRMS THE PRINCIPLE OF COMMON BUT DIFFERENTIATED RESPONSIBILITIES. DESPITE SIGNIFICANT EFFORTS FOR
DOMESTIC RESOURCE MOBILISATION, INDIA IS UNLIKELY TO GATHER SUFFICIENT REVENUES FOR ACHIEVING THE
SDGS. THEREFORE, INDIA REITERATES THAT THE DEVELOPED COUNTRIES HAVE AN ESSENTIAL OBLIGATION TO
PROVIDE FINANCIAL ASSISTANCE TO THE DEVELOPING COUNTRIES, ESPECIALLY FOR GLOBAL PUBLIC GOODS SUCH
AS CLIMATE CHANGE MITIGATION AND CONTROL OF PANDEMICS, SO THAT THEY CAN FULLY ACHIEVE THE SDGS.
INDIA ALSO HIGHLIGHTS THE NEED FOR INTERNATIONAL COOPERATION FOR CURBING ILLICIT FINANCIAL FLOWS,
DEFINING AID UNAMBIGUOUSLY AND ESTABLISHING ROBUST SYSTEMS FOR MONITORING COMMITMENTS MADE BY
DONOR COUNTRIES.
GOAL 6: CONSERVE AND SUSTAINABLY USE THE OCEANS, SEAS AND MARINE RESOURCES
A CLEAR AGENDA HAS BEEN FORMULATED FOR PROMOTING THE ‘BLUE REVOLUTION’. FOR
TRACKING THE LEVELS OF MARINE POLLUTION ALONG THE COASTLINE, THE COUNTRY HAS
DEVELOPED THE COASTAL OCEAN MONITORING AND PREDICTION SYSTEM. ADDITIONALLY, AN OIL
SPILL MANAGEMENT SYSTEM HAS BEEN PUT IN PLACE FOR RESPONDING TO EMERGENCIES ARISING
OUT OF OIL SPILLS. FURTHER, THE INTEGRATED NATIONAL FISHERIES ACTION PLAN, 2016 IS BEING
IMPLEMENTED TO PROMOTE THE LIVELIHOODS OF FISHING COMMUNITIES AS WELL AS THE
ECOLOGICAL INTEGRITY OF THE MARINE ENVIRONMENT. GIVING NEW IMPETUS TO PORT-LED
DEVELOPMENT, THE SAGARMALA PROGRAMME IS IMPROVING PORT CONNECTIVITY, PORT-LINKED
INDUSTRIALIZATION AND COASTAL COMMUNITY DEVELOPMENT.

17. RECENT DEVELOPMENT
WITH AN IMPROVEMENT IN THE ECONOMIC
SCENARIO, THERE HAVE BEEN INVESTMENTS ACROSS
VARIOUS SECTORS OF THE ECONOMY. PRIVATE
EQUITY - VENTURE CAPITAL (PE-VC) SECTOR
RECORDED INVESTMENTS WORTH US$ 20 BILLION IN
THE FIRST FIVE MONTHS OF 2021, REGISTERING A 2X
GROWTH IN VALUE COMPARED WITH THE SAME
PERIOD IN 2020.

18. SOME OF THE IMPORTANT RECENT DEVELOPMENTS
IN INDIAN ECONOMY ARE AS FOLLOWS:
• MERCHANDISE EXPORTS STOOD AT US$ 62.89 BILLION BETWEEN APRIL 2021
AND MAY 2021, WHILE IMPORTS TOUCHED US$ 84.27 BILLION. THE
ESTIMATED VALUE OF SERVICE EXPORTS AND IMPORTS BETWEEN APRIL 2021
AND MAY 2021 STOOD AT US$ 35.39 BILLION AND US$ 19.86 BILLION,
RESPECTIVELY.
• IN MAY 2021, THE MANUFACTURING PURCHASING MANAGERS' INDEX (PMI)
IN INDIA STOOD AT 50.8.
• GROSS GST COLLECTIONS STOOD AT RS. 141,384 CRORE (US$ 19.41 BILLION)
IN APRIL 2021.
• CUMULATIVE FDI EQUITY INFLOWS IN INDIA STOOD AT US$ 763.58 BILLION
BETWEEN APRIL 2000 AND MARCH 2021. FOREIGN DIRECT INVESTMENT (FDI)
INFLOWS IN INDIA STOOD AT US$ 6.24 BILLION IN APRIL 2021, REGISTERING
AN INCREASE OF 38% YOY.

19. • India’s index of industrial production (IIP) for April 2021
stood at 126.6 against 143.4 for March 2021.
• Consumer Food Price Index (CFPI) – Combined inflation was
5.01 in May 2021 against 1.96 in April 2021.
• Consumer Price Index (CPI) – Combined inflation was 6.30 in
May 2021 against 4.23 in April 2021.
• In June 2021, foreign portfolio investors (FPIs) turned net
buyers by investing Rs. 12,714 crore (US$ 1.71 billion) into the
Indian markets. According to depositories data, between June
1, 2021 and June 25, 2021, FPIs invested Rs. 15,282 crore (US$
2.06 billion) in equities.

20. ROAD AHEAD
• As indicated India posted a V-Shaped recovery in the second half of FY21. As
per these estimates, and registered an increase of 1.1% in the second half of
FY21. This was driven by the gradual and phased unlocking of industrial
activities, increased investments and growth in government expenditure.
• As per the Reserve Bank of India’s (RBI) estimates, India’s real GDP growth is
projected at 9.5% in FY22; this includes 18.5% increase in the first quarter of
FY22; 7.9% growth in the second quarter of FY22; 7.2% rise in the third
quarter of FY22 and 6.6% growth in the fourth quarter of FY22.

21. • India is focusing on renewable sources to generate energy. It is planning to
achieve 40% of its energy from non-fossil sources by 2030, which is currently 30%
and have plans to increase its renewable energy capacity by 2022.
• In May 2021, India, along with the UK, jointly launched a ‘ROADMAP 2030’ to
collaborate and combat climate change by 2030.
• India is expected to be the third largest consumer economy as its consumption may
triple to US$ 4 trillion by 2025, owing to shift in consumer behavior and expenditure
pattern, according to a Boston Consulting Group (BCG) report.
• It is estimated to surpass USA to become the second largest economy in terms of
purchasing power parity (PPP) by 2040 as per a report by PricewaterhouseCoopers.