Session 32 || Indian Economy || UPSC Prelims PYQs || By Jahidul

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 Session 32 || Indian Economy || UPSC Prelims PYQs || By Jahidul




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CHALLENGES AND OPPORTUNITIES

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ECONOMY Challenges and Opportunities Skill Development Gap:  Despite initiatives like Skill India, there’s a shortage of digitally skilled workers, crucial for sectors like cybersecurity and enterprise management. Logistics and Infrastructure:  India’s potential to streamline transport via inland waterways is significant, akin to the Netherlands’ network handling 40% of international freight. Access to Finance:  Small and medium enterprises face financial access challenges; initiatives like Mudra Yojana aim to improve credit flow and streamline loan processes. Regulatory Reforms:  GST simplification, Start-up India, and the Real Estate Act are enhancing the business environment, with a push for single-window systems and digitization. Data Privacy and Cybersecurity:  Growing digitization necessitates robust data protection laws and cybersecurity measures, with the government promoting secure tech adoption. Inland Waterways Opportunity:  Kerala’s Kochi Water ...
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SECTOR - WISE PERFORMANCE

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ECONOMY Sector-wise Performance 1. Insurance Sector The insurance sector in India comprises life insurance, general insurance, and health insurance, playing a critical role in providing financial security and stability. It is a significant component of the financial services industry, contributing to economic growth and social well-being. Current Status Market Size:  The insurance market in India is substantial, with total premiums growing at a compound annual growth rate (CAGR) of 14.9%, expected to reach INR 33 trillion by 2031. Life Insurance:  India is the 9th largest life insurance market globally, with penetration at 3.2% of GDP. Non-Life Insurance:  This segment, including health insurance, has a penetration of 1.0% of GDP. Growth Drivers:  The sector’s growth is driven by increasing middle-class incomes, rising awareness, digital penetration, and regulatory reforms such as the increase in FDI limit to 74%. continue..
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