Despite impressive growth, the Indian economy faces significant hurdles. Rising income inequality, urban-rural divide, and unemployment remain pressing issues. The agriculture sector, despite record production, suffers from low profitability, necessitating reforms in marketing and supply chains (as attempted through the farm laws debate and e-NAM initiatives).
The introduction of the Goods and Services Tax (GST) in 2017 consolidated a myriad of indirect taxes into a unified, destination-based tax system. It mitigated the cascading effect of taxes ("tax on tax") and unified the Indian market. However, compliance costs for small enterprises and the formula for state compensation remain active areas of policy debate. Fiscal Responsibility and Budget Management (FRBM) Indian Economy Nitin Singhania
Read a chapter without trying to memorize it. Focus entirely on understanding economic concepts (e.g., how inflation impacts savers vs. borrowers). The introduction of the Goods and Services Tax