India’s economic development over the last decade has had many major milestones ¹ ² ³: In 2019, India’s nominal GDP increased to become the fifth largest in the world at $2.87 trillion, surpassing the United Kingdom’s $2.83 trillion GDP at that time. From February 2010 to February 2020, real GDP groRead more
India’s economic development over the last decade has had many major milestones ¹ ² ³:
- In 2019, India’s nominal GDP increased to become the fifth largest in the world at $2.87 trillion, surpassing the United Kingdom’s $2.83 trillion GDP at that time.
- From February 2010 to February 2020, real GDP growth rate was around 6.66% on average.
- This is a historic tax reform for India with introduction of Goods and Services Tax (GST) which happened in July, 2017.
- Over a nine-year period, there has been an infrastructure development by building of seventy-four airports in India.
- Export data reveals that India’s role in global supply chains is growing bigger and bigger.
- It is expected that Indian GDP would grow by 6.8% and 6.5% respectively for FY’24/25 and FY’25/26.
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The changes which have been introduced in the Indian Constitution in the recent past have shifted the balance of federal landscape and administration further to the Centre. For example, the Centre abrogated Article 370 in August 2019 and bifurcated Jammu and Kashmir into two Union Territories, whichRead more
The changes which have been introduced in the Indian Constitution in the recent past have shifted the balance of federal landscape and administration further to the Centre. For example, the Centre abrogated Article 370 in August 2019 and bifurcated Jammu and Kashmir into two Union Territories, which made most of the state’s autonomy nugatory, reporting directly to New Delhi. This was a particularly clear sign of a more active and dominant policy on the part of the central government in relation to the states, especially in matters of a federal character. For instance, while the 101st amendment in 2017 has integrated GST, it has necessitated the centralisation of tax collections. While this aided in the process of tax simplification it restricted the autonomy of the states on fiscal policy and made them more dependent on central grants. These changes have impacted local governance by reducing the ability and capacity of the state government to tackle issues that are local or peculiar to any region. Battles over centralization of power occurred concerning the loss of control over the economy and the management of specific regions, and the consequences of this for variation and autonomy of states. In this regard the change has generated questions on the efficiency of regional governance structures and capacity of states to address population needs where there is no adequate decentralization.
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