Page 33 - NIS - English,16-30 September,2022

Sankalp Yatra of New India Cover Story

IN
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DEPE
CON
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DE
E
ECONOMIC GROWTH AFTER INDEPENDENCE
CE
OMIC GROWTH AFTER
300 India's exports 676.20
India's GDP 236.4
has grown by more than ten 600 times increase since independence
times in the last 20 years.
200

100 249.82

76.3 44.08
50 8.49 18.14
21.5 1.27 1.35 2.03
0.1 0.2 0.5 1.5 5.8

1950-51 1960-61 1970-71 1980-81 1990-91 2000-01 2010-11 2020-21 1960-61 1980-81 1990-91 2000-01 2010-11 2021-22
GDP (in lakh crores at current prices) Source: Economic Survey Source: PIB, World Bank 1950-51 1970-71
SOURCE: Economic Survey, PIB *All figures in dollars
21 Insolvency and Bankruptcy Code INCENTIVE FOR INDUSTRIES 22

Bad loans, i.e., NPAs, have always been a
n Till now, you have heard about performance-
problem for banks. This reduces the lending linked incentives (PLI) being given for
power of the bank, which stifles economic performing well in the corporate sector. But
growth. for the first time, the central government
On the other hand, there was also an objection
n announced that it would give PLI on increasing
from the corporate side that it takes a lot of production to the industry. The PLI scheme of
time to close a loss-making company in India. around Rs 2 lakh crore in 14 core sectors has
There was a need to settle the companies at the the potential to generate Rs 30 lakh crore and
earliest and transfer the money to the banks. 60 lakh new jobs within 5 years.
Hence, the Insolvency and Bankruptcy Code was
implemented as a landmark reform in 2016. 1. Food Processing Modules
This was a historic step in the ease of doing Industry 8. Electronic
n
business and settlement of NPAs. Some 2. IT Hardware Manufacture.
amendments have been made recently in the 3. AC, LED, Bulb 9. Medical Equipment
interest of companies affected by COVID 19, 4. Pharmaceutical 10. Automobile
especially in the MSME sector. Industry components
For the first time in the tenure of the current 5. Pharmaceutical 11. Drones and related
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government, banks have seized the properties API (Raw Medicine products
of loan defaulters and recovered an amount Material) 12. Textiles
of more than Rs 10,000 crore from them. Bank 6. Telecom 13. Special Steel
NPAs in India are at a six-year low of 5.9 per Manufacturing 14. Advanced Chemistry
cent. 7. Solar Power PV Cell

New India Samachar September 16-30, 2022 31