State of the Economy

Abstract

Overall, macro-economic stability indicators suggest that the Indian economy is well placed to take on the challenges of 2022-23. Indian economy is in a good position due to its unique response strategy. The sharp increase in capital spending by the Government can be seen both as demand and supply enhancing response as it creates infrastructure capacity for future growth. This year's Survey highlights the importance of process reforms in several sectors. Chapter ll discusses the reforms undertaken in the public procurement policy- launch of Government e Market place (Gem) in 2016 for standard routine use items and the new procurement guidelines issued in October 2021 for non-standard items and projects. Chapter IV discusses the need for simplification of voluntary liquidation process for corporates and for institutionalizing a standard process for Cross Border Insolvency Process. Similarly, chapter IX discusses the simplification of Drone rules and reforms in telecom sector, and the need for reforms in the patent application regime.