India's Economic Transition: Key Insights

India's progress towards a higher per capita income, characterized by growth, employment, technology, innovation, and improved infrastructure.

The average income earned per person in a country.

A vision for India to become a leading economy by 2022, focused on sustained, inclusive, and sustainable growth.

Collaboration among all levels of government to achieve the New India vision.

Key areas for India's economic advancement including growth, employment, technology, innovation, agriculture, financial inclusion, housing, tourism, and minerals.

A multi-pronged government initiative focused on bettering the agricultural sector via modernization, policy changes, value chains, and infrastructure improvement.

Improvements in India's physical support systems like transportation, communication, etc for economic growth and citizen well-being.

Progress in the well-being of Indian society in social and political terms, a crucial part of India's economic aspirations.

The percentage of India's Gross Domestic Product (GDP) collected as taxes. It's a key indicator of the government's ability to collect revenue.

A group of developed nations following policies of improved quality of life.

Countries experiencing rapid economic growth and industrialization but do not yet meet the criteria for a developed economy, such as Brazil, South Africa, and China.

India's tax-GDP ratio is lower compared to other emerging economies and developed nations. Increasing this ratio is a key policy objective.

Government spending on infrastructure, housing, and other key sectors to boost the economy.

Percentage change in India's Gross Domestic Product (GDP). Shows the rate at which the Indian economy increases over time.

Government policies that aim to improve tax collection.

USD 2.7 trillion

Nearly USD 4 trillion

29% of GDP

36% of GDP

USD 478 billion

USD 800 billion

Broadly accelerating

Low compared to low/middle income countries

Often highest in capital-intensive sectors (autos,pharma)

Only 29% of China's workforce is employed in agriculture.

In the informal sector, workers may earn significantly less than those in the formal sector with similar responsibilities.

Chinese industrial employment is 13.7% of the total workforce.

India has a large number of complex labour laws from the central and state governments, making compliance and enforcement difficult.

37.5% of China's workers are employed in the service sector.

India's labour market is divided into formal and informal sectors with distinct characteristics, including pay and legal protections.

Initiatives to simplify and modernize labour laws to improve flexibility and job creation while balancing worker rights and security.

A large number of agricultural workers are expected to move to other sectors.

Population growth will contribute to an increasing labor force.

Efforts to increase the proportion of women involved in the workforce.

Encouraging employers to comply with the Maternity Act to support new mothers.

The central government is simplifying China's labor laws to boost compliance.

Industry accounts for 23% of China's Gross Value Added (GVA).

The need for a policy to protect and recognize the rights of domestic workers.

Services account for 62% of China's Gross Value Added (GVA).

Government-funded labs promoting innovation and technology in India, particularly in Tier II/III locations.

A government rule to promote 'Make in India' products and services in government procurements (buying).

The process by which the government buys goods and services for public use.

Workshops aimed at educating government officials in ministries & departments about the Public Procurement Order, promoting 'Make In India'.

The government may favour start-ups in the technical evaluation process for government contracts.

Government committees on procurement must include relevant experts to improve procurement of innovative products and services.

Places to support new businesses, existing and new, aiming for better innovation and new products/services through research from collaborators.

Foreign experts or organizations that partner with India to promote scientific research and R&D in specific areas.

Formal documents used in government procurement to request detailed proposals and quotes from potential suppliers.