Economic Survey 2023: Administrative reforms, harnessing of Nari Shakti, energy security key to realise India’s potential

The Economic Survey for 2022-23 outlined key focus areas for India to fulfil its potential in Amrit Kaal, the 25-year journey towards a centenary as a modern, independent nation.

In the Economic Survey, Chief Economic Advisor V Anantha Nageswaran highlighted administrative reforms and enforcement of contracts as key areas that could propel India to achieve its potential.

The document stressed on the need to harness Nari Shakti (women power), education and skilling. It said there was a need to dismantle LIC – licence, inspection and compliance; provide affordable, reliable and viable power supply; and ensure energy security and energy transition for India to fully realise its potential.

According to a World Bank report in June 2022, the participation of women in India’s labour force has been steadily declining since 2005 and is at a low of 19 percent in 2021. India ranks 163rd among 190 countries in the Enforcement Contract Indicator.

In terms of energy security, India’s power sector relies heavily on imported fossil fuels to meet the country’s energy needs.

The government has been working to reduce the compliance burden on companies. In 2021, it reduced more than 22,000 compliance requirements, decriminalized 103 offences and scrapped 327 redundant provisions/laws.