Page 18 - NIS English, December 16-31,2022

Cover Story 2022: Year of Willpower

INDIA BECAME THE WORLD'S OPENED THE DOOR

FIFTH-LARGEST ECONOMY WITH FOR FDI IN

THE MANTRA OF Railway
Infra sector
AATMANIRBHAR BHARAT Device sector

When the world was facing the terrible disaster of Construction sector
Retail sector
COVID about two and a half years ago, India chose Air transport
a new path in this difficult time: one of self-reliance. Pension-insurance sector
GDP growth rate of -23.9 percent in the face of strict Defence sector
lockdown... and self-reliance? Many people laughed
at this. However, with ongoing economic reforms, India
India not only emerged from this difficult period, but The PLI scheme 13.5
also surpassed Britain to become the world's fifth is proving to be a
largest economy in September 2022. game changer in
the manufacturing
INDIA DETERMINED ABOUT REFORMING industry.
ITS ECONOMY Over

n Small companies n Opened the way for 25,000
got relief from the FDI in sectors like
Companies Amendment railways, infra, devices, overburdened
Act. construction, retail, air compliances were

n After the GST, the whole transport, insurance, removed.
country became one pension, and defence. Scheme like
market. n Special focus on one district-one
n Insolvency bankruptcy concessions for the product promoted
code MSME sector by Swadeshi.
Single window clearance redefining it.
n
for investors n Taking care of the
By repealing the interests of every worker 3.5
n through labour reform
retrospective tax, the and the e-Shram portal
government created 2.2 Russia
an investment-friendly n India has the lowest
environment. corporate tax in the
world. 0.5 Japan
-0.1 0.1 0.4
-06 France

USA Germany China FASTEST GROWING
UK
ECONOMY

The GDP of the world in the
first quarter was like this
(figures in %)

16 New India Samachar December 16-31, 2022