Topic: Indian Economy and issues relating to planning, mobilization of resources.
Q5. “India’s rise as a global services powerhouse is not accidental but reform-driven”. Analyse the key structural reforms enabling this transition. Examine their economic outcomes. Outline key measures to sustain momentum amid global slowdown. (15 M)
Difficulty Level: Medium
Reference: TH
Why the question:
It is relevant because India’s growing dominance in global services exports is being driven by structural reforms like GST, IBC, and digital governance, which have redefined the country’s economic model amid a slowing global economy.Key demand of the question:
The question seeks an analysis of the reforms that enabled India’s services-led rise, an evaluation of their economic outcomes, and a brief outline of policy measures needed to maintain growth in a volatile global environment.Structure of the Answer:
Introduction:Mention India’s transformation into a global services hub with reform-led liberalisation and digitalisation as key enablers.
Body:
- Outline the major structural reforms such as GST, IBC, telecom policy, and labour code rationalisation that fostered competitiveness.
- Evaluate the key economic outcomes like service export growth, job creation, and macroeconomic stability.
- Suggest measures to sustain growth — diversification, skilling, trade partnerships, and green innovation.
Conclusion:
Conclude with a futuristic note on India consolidating its position as a knowledge-based global services leader.
