Yojana: SWOT Analysis of the Indian Economy

The Economic Survey 2016-17 has been released and it was tabled in the Parliament on 31 st January 2017. It presents an assessment of the performance of the Indian Economy over time, focusing the recent initiatives and developments. The Economic Survey analyses challenges, problems and its possible remedies and prospects through arguments supported by extensive research and empirical evidence. It requires massive exercise and contributions from the range of government officials, researchers and scholars. Unlike the practices of the last couple years, the Economic Survey presented in one volume only this year.

Probable Questions for IAS Mains Exam

Q1. Outline the performance and strength of the Indian economy.

Q2. Critically analyse the future prospect of the Indian Economy.

Q3. ‘Indian remained an emerging economy of the world’. Critically analyse.

The major focus of the Economic Survey is to analyse the basic strength, weaknesses, opportunities and threats which also known as the SWOT analysis of the Indian economy. The SWOT analysis of the Indian economy is done through the derived support from existing studies in the literature, various commentaries in visual and print media and some new research initiative specifically for the purpose of the various government departments and other research institutions. The Strengths, Weaknesses, Opportunities and Threat analysis of the Indian economy have been given below under separate heads:

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Strengths

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Weaknesses

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Opportunities

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Threats

Economic Survey Analysis for IAS Exam 2017

Conclusion

The Economic Survey 2016-17 have suggested some specific reforms that Government should undertake on a priority basis. The Indian economy has registered the convincing rate of growth after the huge demonetisation of high-value currencies, which was expected to be a bane for the growth of the economy by the experts. Despite the large critics, the economy has shown the convincing rate of GDP growth in the third quarter of 2016-17. In order to make this historical event of demonetisation, the Government should look forward the policies which make a better environment for the private investors and the foreign financial institutions (FIIs).

The Economic Survey has mentioned that states have performed extraordinarily to overcome the issue of fiscal deficits by adopting and implementing the Fiscal Responsibility Legislations (FRLs) while the consumption and income outcomes diverging across states in the face of rapid internal integration of goods, labour and capital are quite confusing because the analysis is based on some empirical evidence which seems not a true reflection of the state consumption and income outcomes.

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