What Makes India the Fastest Growing G20 Economy?
India's growth story over the past decade has exemplified remarkable resilience. Amidst a global economic milieu fraught with risks and uncertainties arising from diverse challenges such as pandemics and geo-political tensions, India's trajectory of growth has emerged as a beacon of optimism amidst an otherwise gloomy global scenario. In its July 2024 World Economic Outlook update, the International Monetary Fund (IMF) revised India's growth projection for 2024-25 upward to 7% from 6.8% forecasted in April, citing robust domestic demand and a burgeoning working-age population. This adjustment positions India as the fastest-growing economy among G20 nations.
In the last decade, the Government of India undertook substantial reforms aimed at revitalising the economy and addressing various supply-side challenges. With a vision of advancing India to developed status by 2047, the government now intends to shift its focus towards grassroots reforms in the coming years. The primary objective is to bolster governance frameworks to ensure that the structural reforms implemented over the past decade foster robust, sustain-able, equitable, and inclusive growth.
The Economic Survey 2023-24, unveiled by Finance Minister Smt. Nirmala Sitharaman on July 22, 2024, offered a comprehensive view of India's current economic landscape, characterised by robust growth and strategic imperatives amid global uncertainties. With India's real GDP expanding by 8.2% in FY24 and projected growth between 6.5% to 7% for FY24-25, the survey highlighted the nation's resilience across diverse sectors. Significant contributions from agriculture, industry, and services underscore a balanced growth trajectory, buoyed by notable expansions in manufacturing and construction. Fiscal prudence is evident through a reduced fiscal deficit, substantial capital expenditures, and stable inflation rates. The survey illuminates India's strengthened financial metrics and external stability, bolstered by record service exports and robust forex reserves. Against the backdrop of a dynamically evolving global economy, these insights position India favourably as it navigates challenges and pursues sustainable economic growth.
In its several chapters, the Economic Survey has high-lighted government policies and their performance that impact innovations, developments, success stories worth emulating. Giving an assessment of the crucial sectors such as agriculture, industry, infrastructure and services, the survey has contemplated challenges as well that lie ahead and provided possible solutions to steer through these challenges.
Economic Growth and Resilience-Key Indicators
• India's real GDP grew robustly by 8.2% in FY24, marking a significant recovery and exceeding 8% in three out of four quarters.
• The projected real GDP growth for 2024-25 is anticipated to range between 6.5% to 7%, reflecting continued economic resilience.
• Sector-wise, agriculture contributed 17.7%, industry 27.6%, and services 54.7% to Gross Value Added (GVA) at current prices in FY24, highlighting the diversified growth drivers.
• The manufacturing sector expanded by 9.9% in FY24, rebounding strongly from previous years.
• Construction activities also registered robust growth of 9.9%, fuelled by infrastructure development and real estate demand.
• Retail inflation declined to 5.4% in FY24 from 6.7% in FY23, supported by government measures and stable commodity prices.
• Gross Fixed Capital Formation (GFCF) from private non-financial corporations surged by 19.8% in FY23, underscoring renewed investment confidence and capital expenditure.
• Fiscal deficit reduced from 6.4% of GDP in FY23 to 5.6% in FY24, demonstrating government's commitment to fiscal consolidation despite economic challenges.
• Capital expenditure for FY24 reached Rs. 9.5 lakh crore, marking a substantial 28.2% increase year-on-year and contributing significantly to infrastructure development and job creation.
• Gross Non Performing Assets (GNPA) ratio of scheduled commercial banks declined to a 12-year low of 2.8% in March 2024, reflecting improved asset quality and resilience.
• India's service exports reached a record high of USD 341.1 billion in FY24, while forex reserves as of March 2024 were sufficient to cover 11 months of projected imports, ensuring external stability.
• Despite challenges, merchandise exports showed resilience with steady growth, contributing to overall trade stability amid global uncertainties.
• Livestock sector grew at 7.38% CAGR; fisheries sector at 8.9% CAGR.
• Industrial Growth: 9.5% growth in FY24; significant improvements in manufacturing, construction, and mining.
• The Direct Benefit Transfer (DBT) scheme has been instrumental, transferring Rs. 36.9 lakh crore since its inception in 2013, enhancing fiscal efficiency and reducing leakages.
• India needs to generate approximately 7.85 million jobs annually in the non-farm sector until 2030 to accommodate its growing workforce.
• Female labour force participation rate increased significantly from 23.3% in 2017-18 to 37% in 2022-23, driven by increased opportunities and rural women's empowerment initiatives.
• Unemployment rate at 3.2%; EPFO net payroll additions doubled in five years.
Monetary Policy and Banking Sector Stability
• RBI maintained policy rate at 6.5% throughout FY24, supporting stable inflation.
• Credit disbursal by SCBs grew by 20.2% to Rs. 164.3 lakh crore by March 2024.
• Growth in broad money (M3) reached 11.2% year-on-year, showing improvement in liquidity.
• Double digit growth in bank credit, with gross and net non-performing assets at multi-year lows.
• Robust credit growth driven by services and personal loans; agriculture credit grew significantly.
• Industrial credit growth improved to 8.5% from 5.2% the previous year.
• Primary capital markets facilitated Rs.10.9 lakh crore capital formation in FY24.
• Indian stock market capitalisation surged, with market cap to GDP ratio ranking fifth globally.
• Financial inclusion seen as crucial for sustainable economic growth and poverty reduction.
• Digital Financial Inclusion (DFI) identified as the next challenge for comprehensive financial access.
• Insolvency and Bankruptcy Code (IBC) resolved Rs.13.9 lakh crore involving 31,394 corporate debtors by March 2024.
• Microfinance sector in India emerged as the second largest globally, highlighting significant growth potential.
• Transition from banking dominance to rising role of capital markets amidst financial sector transformations.
• Vulnerabilities in the financial sector require proactive management despite current stability.
• India poised to become one of the fastest growing insurance markets globally in the coming decade.
Employment Insights
Agriculture and Rural Employment Surge: The Economic Survey 2023-24 highlights a notable increase in agriculture employment, attributing it partly to reverse migration trends and the rising participation of women in rural labour markets.
Factory Employment Trends: According to the Annual Survey of Industries, factory jobs in India grew at an annual rate of 3.6% between 2013-14 and 2021-22. Larger factories, employing over a hundred workers, saw a faster growth rate of 4.0%, with total employment in factories rising from 1.04 crore to 1.36 crore during this period.
Unincorporated Enterprises Dynamics: Comparing data from the Annual Survey of Unincorporated Enterprises for 2022-23 with the NSS 73rd round, the survey notes a decrease in overall employment from 11.1 crore in 2015-16 to 10.96 crore. Although manufacturing witnessed a reduction of 54 lakh workers, gains in trade and services sectors mitigated the overall decline to approximately 16.45 lakhs.
Impact of Economic Shocks: Reflecting on recent economic shocks such as NPAs in banking and the COVID-19 pandemic, the survey underscores their disruptive influence on India's trajectory towards achieving Viksit Bharat by 2047. It contrasts the current global environment marked by de-globalisation, geopolitical tensions, climate change, and AI advancements with China's growth phase from 1980 to 2015.
Challenges Ahead: The survey predicts significant barriers for India's sustained high growth, particularly concerning workforce dynamics across skill levels. It stresses the need for a collaborative effort involving union and state governments alongside the private sector to navigate these uncertainties effectively.
Tripartite Compact for Employment: Proposing a tripartite agreement among the private sector, central and state governments, the survey advocates for concerted efforts to meet rising job expectations in India. Emphasising that job creation predominantly lies within the private sector, it calls for aligned actions to enhance economic growth, productivity, and employment opportunities.
Role of Corporate Sector: Highlighting a surge in corporate sector profits over FY20 to FY23, the survey urges the corporate sector to responsibly utilise its financial gains to drive job creation and skill development initiatives in India.
Compact with Academia: Lastly, the survey explores the potential of another tripartite compact involving government, industry, and academia to accelerate skill development initiatives. It stresses the importance of empowering academic institutions and industries to play crucial roles in preparing India's workforce for future technological advancements.
The Infra Scenario
Road Transport
• Government and private sector capital investment in road transport increased to about 1.0% of GDP (Rs. 3.01 lakh crore) in FY24.
• Asset monetisation revenues exceeded Rs. 1 lakh crore since FY19, with Rs. 40,314 crore in FY24.
• National highways increased by 1.6 times from 2014 to 2024.
• Bharatmala Pariyojana expanded high-speed corridors by 12 times and 4-lane roads by 2.6 times.
• Average pace of NH construction increased to ~34 km per day by FY24.
• India's Logistics Performance Index improved from 54 in 2014 to 38 in 2023.
• Six MMLPs awarded until FY24, with Rs. 2,505 crore allocated in FY24.
• Additional seven MMLPs planned to be awarded in FY25.
• Use of sustainable raw materials and new-age construction techniques.
• Six ropeway projects awarded under the Parvatmala Pariyojana.
Indian Railways
• Over 68,584 route km and 12.54 lakh employees (as of March 2024).
• Capital expenditure increased by 77% over the past 5 years, reaching Rs. 2.62 lakh crore in FY24.
• Highest-ever production for locomotives and wagons in FY24.
• Introduction of 51 pairs of Vande Bharat trains by March 2024.
• Significant progress in electrification, extending to 96.4% (63,456 km) of the rail network.
• Mumbai-Ahmedabad High-Speed Rail (MAHSR) project in progress.
• Dedicated Freight Corridors (DFCs): Eastern DFC (1,337 km) and Western DFC (1,506 km), 96.1% complete by FY24.
• Development of GatiShakti Multi-Modal Cargo Terminals (GCTs).
• Mission 100% Electrification: 63,456 km electrified (96.4%).
• Introduction of advanced technologies like Automatic Train Protection (ATP) systems and Automatic Block Signalling (ABS).
Water Transport
• India's rank in International Shipments improved from 44th in 2014 to 22nd in 2023.
• Container turnaround time reduced by 50% from 2014 to 2023-24.
• Union capital expenditure towards ports, shipping, and waterways increased by 27% from FY23 to FY24.
• 839 projects worth Rs. 5.8 lakh crore undertaken.
• Projects completed: 262 (Rs. 1.4 lakh crore), under implementation: 217 (Rs. 1.65 lakh crore), under development: 360 (Rs. 2.7 lakh crore).
• Major Port Authorities Act, 2021 enhanced efficiency and governance.
• 'Harit Sagar' - Green Port guidelines launched to promote renewable energy.
• 'Sagar Aankalan' - National benchmarking of port performance implemented.
• National Maritime Heritage Complex and Technology Centre for Ports established.
• Development of Vadhavan deep draft major port approved, enhancing capacity to 298 MTPA.
Civil Aviation
• Capital expenditure plan of Rs. 26,000 crore for FY20-FY25 to modernise airports.
• Airport Authority of India (AAI) achieved Rs. 23,000 crore; total expenditure
Rs. 72,000 crore in 5 years.
• 21 Greenfield airports approved, 12 operational; new terminals increased capacity by 62 million passengers annually.
• UDAN RCS operationalised 579 routes, connecting 85 unserved/underserved airports.
• Liberalised drone rules introduced in 2021; significant progress in certifications and registrations.
• MRO industry growth supported by policies; capacity expansion in airframes and engines; MRO count increased to 147.
Energy Infrastructure
• Extensive expansion to 4,85,544 circuit kilometers of transmission lines and 12,51,080 MVA transformation capacity by March 2024.
• Peak electricity demand rose 13% to 243 GW in FY24; emphasis on enhancing generation capacity.
• Significant rise in electricity generation from renewable energy sources, supporting sustainability goals.
• Installed renewable energy capacity stands at 190.57 GW, comprising 43.12% of total installed capacity as of March 2024.
• Initiatives like SAMARTH, UJALA, and PM-KUSUM promote sustainable energy practices and enhance energy efficiency.
• Continued investment expected in renewable energy, with plans to achieve 500 GW of installed capacity by 2030.
Digital Infrastructure
• Initiatives like PM GatiShakti, Bhuvan, BharatMaps, Single Window Systems, PARIVESH portal, and others integrate technology to enhance efficiency in infrastructure planning, design, and asset management.
• Digital platforms like National Data Analytics Platform, Unified Logistics Interface Platform, and PRAGATI streamline governance and project implementation across ministries.
• Building Information Modelling (BIM) adoption can potentially reduce project delays by 39 months, lower construction costs by up to 30%, and decrease carbon emissions by 38%. Implemented in major projects like Central Vista, New Parliament, and airports to enhance efficiency and sustainability.
• BharatNet project aimed to connect all Gram Panchayats with broadband; 2,11,021 GPs connected via Optical Fiber Cable (OFC) as of April 2024.
• Introduction of Spectrum Regulatory Sandbox (WiTe Zones) to promote R&D, innovation, and spectrum exploration across urban and remote areas.
• India AI programme launched with focus on AI in Governance, AI IP & Innovation, AI Compute & Systems, and AI Ethics & Governance to drive social impact and global competitiveness.
• Digital India initiatives like DigiLocker, UMANG, and NSSO facilitate seamless citizen-centric services and digital document verification.
• GI Cloud initiative (MeghRaj) aims to deliver ICT services via Cloud to central and state government departments.
• Currently hosts 25,806 virtual machines supporting over 1,767 applications; 22 CSPs empanelled to provide cloud services.
Mental Health Makes a Debut in Economic Survey
For the first time ever, the Economic Survey 2023-24 tabled by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman in Parliament on July 22, 2024, talks extensively about mental health, its significance and implications on policy recommendations. Acknowledging mental health as a principally impactful driver of individual and national development, the Survey takes note of the following points:
National Prevalence and Impact: 10.6% of Indian adults experienced mental disorders, with significant treatment gaps (70%-92%). Higher prevalence in urban metros (13.5%) compared to rural areas (6.9%) and urban non-metros (4.3%). COVID19 exacerbated poor mental health among adolescents: 11% anxious, 14% extreme emotion, 43% mood swings.
Economic Implications: Mental health disorders lead to productivity losses (absenteeism, reduced productivity), increased healthcare costs, and disability. Poverty contributes to mental health risks due to stressful living conditions and financial instability.
National Mental Health Programme: Upgraded health centers to Ayushman Arogya Mandirs for mental health services. Tele Mental Health Programme: 53 Tele MANAS cells established, handling over 8.07 lakh calls. Capacity Building: 25 Centres of Excellence, support to medical colleges, and digital training academies.
State Level Initiatives: Complementing national efforts with local programmes focusing on children and adolescents' mental health and wellbeing.
Policy Recommendations:
• Increase psychiatrists to WHO recommended levels (from 0.75 to 3 per lakh population).
• Develop comprehensive service guidelines based on stakeholder feedback.
• Foster peer support networks and community based rehabilitation to destigmatise mental health.
• Partner with NGOs for scaling up efforts and resource leverage.
• Include individuals with lived experience in decision making and service planning.
• Standardise mental health service guidelines across sectors.
• Integrate mental health interventions into school curricula and community interactions.
• Advocate a community based approach to address mental health stigma and awareness.
These points underscore the Economic Survey's landmark inclusion of mental health considerations, emphasising its economic implications, current governmental efforts, and strategic policy recommendations aimed at enhancing mental health services and support systems across India.
Success Story of Indian Agriculture
The Economic Survey 2023-24 underscores the transformation of the Indian agriculture sector from a historical deficit to a net exporter of agricultural products since the 1960s, demonstrating substantial potential for employment despite its underexploited economic contribution. Emphasising a shift towards nutritional security, the survey advocates for prioritising pulses, millets, fruits, vegetables, milk, and meat in response to growing consumer demand. However, the sector faces multifaceted challenges encompassing food and nutritional security, adaptation to climate change, and sustainable utilisation of vital resources such as water, energy, and land. Urgent structural reforms are deemed necessary due to escalating pressures from water scarcity, climate variability, and economic constraints. The survey identifies pressing concerns including the surge in agricultural employment during COVID-19 reverse migration, declining growth rates in agricultural value addition for FY24, and mounting environmental stresses like heightened water scarcity and energy consumption exacerbated by extreme weather events. The survey proposes strategic policy recommendations aimed at enhancing market regulation through intelligent design to mitigate kneejerk reactions to price spikes, preserving export bans for exceptional circumstances to enable farmers to capitalise on global price trends, and reconsidering inflation targeting frameworks to exclude food items to manage supply induced price volatility that disproportionately impacts low-income consumers. Furthermore, it advocates for expanding the irrigated area through efficient water management technologies like drip irrigation and fertigation, and promoting climate neutral incentives to align agricultural practices with environmental sustainability goals. These insights from the survey provide a comprehensive framework for policymakers to foster productivity, sustainability, and economic resilience within India's agriculture sector.
Cautionary Note Against Speculative Trading in Stock Markets
The Economic Survey 2023-24 has issued a stern warning against the rise of Futures and Options (F&O) trading in India's stock markets, condemning such speculative activities as unfit for a developing economy. It emphasises that potential stock market downturns could leave investors feeling deceived, deterring their return to capital markets for prolonged periods, thereby posing risks to the broader economy. The survey highlights the allure of derivatives trading in promising outsized gains, often appealing to speculative instincts but frequently resulting in financial losses. Globally, derivatives trading is noted to predominantly erode investor capital, contradicting its allure of quick profits. The survey stresses the imperative of enhancing investor awareness and financial education to mitigate the risks associated with derivatives, cautioning against the potentially severe repercussions of a significant market correction. Drawing on historical examples such as the 2008 global financial crisis, the survey underscores the perils of excessive financialisation, advocating for a cautious and orderly evolution of India's financial markets. It calls upon stakeholders to uphold the role of capital markets in directing savings towards productive investments, emphasising both national interest and individual self-interest in maintaining market stability and sustainability.
Insights into Education Expenditure Trends
The Economic Survey 2023-24 reveals that expenditure on education in India has maintained a robust growth trajectory, expanding at a Compounded Annual Growth Rate (CAGR) of 9.4 percent over the past six fiscal years, slightly below the pace of nominal GDP growth. Despite this growth, the proportion of GDP allocated to education has marginally decreased from 2.8 percent in FY18 to 2.7 percent in FY24, according to budget estimates. Within the spectrum of social services, education commands a significant share of 35.3 percent, following closely behind the 'Other' category, which holds the largest share at 39.8 percent, and precedes healthcare at 24.9 percent. The survey further underscores the substantial role of Corporate Social Responsibility (CSR) spending in bolstering education, healthcare, sanitation, rural development, and environmental initiatives, with education receiving a notable 32.4 percent of total CSR expenditures. These findings underscore the critical need for sustained investment and strategic allocation in the education sector to foster inclusive and sustainable socio-economic development in India.
Focus Areas of the 'Amrit Kaal' Growth Strategy
• Boosting Private Investment: Emphasising increased private sector participation to stimulate economic growth.
• Expanding MSMEs: Prioritising the growth and development of Micro, Small, and Medium Enterprises (MSMEs) due to their significant role in the economy.
• Agriculture as a Growth Engine: Unlocking the potential of agriculture to drive economic growth by addressing policy impediments.
• Green Transition Financing: Securing financial resources to support India's transition towards sustainable development and environmental protection.
• Bridging the Education-Employment Gap: Addressing the mismatch between education outcomes and employment needs to enhance workforce skills.
• Building State Capacity and Capability: Strengthening the capacity and capability of state institutions to effectively implement policies and drive economic growth.
Growth of Global Capability Centres (GCCs) in India
The Economic Survey 2023-24 revealed that Global Capability Centres (GCCs) in India employed over 16.6 lakh professionals, with a significant portion engaged in Engineering, Research, and Development (ER&D), Business Process Management (BPM), and Information Technology (IT) services. Notably, revenue from India's GCCs surged from $19.4 billion in FY15 to $46 billion in FY23, growing at a robust CAGR of 11.4 percent. The survey underscored the importance of promoting specialisations in higher education to attract and sustain GCCs, recommending fields such as Blockchain, Artificial Intelligence (AI), Machine Learning, Cybersecurity, and more. It also highlighted the ongoing challenge of filling critical talent gaps in IT, data science, and cybersecurity, noting a global shortage in these areas despite high demand.
Urgent Need for Addressing Dependence on China for Critical Minerals
The IEA's Global Critical Minerals Outlook 2024 underscores a notable increase in the geographical concentration of critical and rare earth minerals, particularly in refined materials. This trend is evident in the dominance of the top three producing nations since 2020, reflecting a concentrated supply chain. Of particular concern are Rare Earth Elements (REE), crucial for clean energy technologies like Electric Vehicles (EVs) and wind turbines, yet among the least geographically diversified minerals. The IEA forecasts suggest that this concentration is likely to persist, posing challenges for global supply security. Moreover, 2023 saw a rise in trade restrictions on both ores and processing technologies, exacerbating concerns over accessibility to essential raw materials for solar photovoltaics, wind power, EVs, and other consumer goods. This concentrated reliance on specific countries for mining and processing rare earths and critical minerals presents a significant barrier to broader adoption of renewable energy and EV ambitions worldwide, including in India.
The Economic Survey 2023-24 emphasises India's urgent need to confront its reliance on China for critical minerals, while also evaluating the financial impacts of transitioning away from coal as part of its ambitious green agenda. In alignment with global climate goals, India has committed to substantial emissions reductions, increasing non-fossil fuel-based energy capacity, and enhancing carbon sequestration through extensive forest cover. The survey underscores the strategic importance of securing domestic sources for essential minerals and scrutinising the economic ramifications of reducing coal reliance, advocating for a balanced approach that mitigates both environmental risks and financial vulnerabilities.
Actions on Climate Change
National Action Plan on Climate Change (NAPCC):
• Focuses on sustainable development through nine national missions covering solar power, water, energy efficiency, forests, sustainable habitat, agriculture, Himalayan ecosystem, climate change knowledge, and human health.
• 34 States and Union Territories (UTs) have operational State Action Plans on Climate Change (SAPCC).
Renewable Energy Progress
• Installed solar power capacity reached 82.64 GW by April 2024, with an addition of 15.03 GW in 2023-24.
• Non-fossil fuel-based energy sources contribute 45.4% to India's electricity generation capacity as of May 2024.
Energy Efficiency Initiatives
• Eighth cycle of Perform Achieve and Trade (PAT) scheme targets energy savings of 0.3370 MTOE across sectors like Aluminium, Cement, Iron & Steel, etc.
• Significant reduction in greenhouse gas emissions through PAT schemes.
National Determined Contributions (NDC)
• Achieved 40% cumulative installed capacity from non-fossil fuel sources by 2021.
• Reduced emission intensity of GDP by 33% from 2005 levels by 2019, surpassing earlier targets.
• Updated NDC targets include a goal to reduce emission intensity of GDP by 45% and increase non-fossil fuel capacity to 50% by 2030.
Carbon Sink and Forest Cover
• Aim to create a carbon sink of 2.5 to 3.0 billion tonnes through tree and forest cover by 2030.
• Already achieved a carbon sink of 1.97 billion tonnes of CO2 equivalent from 2005 to 2019.
Third National Communication (TNC) to UNFCCC
• Energy sector contributes 75.81% to India's anthropogenic emissions, with significant emissions from agriculture and industrial processes.
• Land Use, Land-Use Change & Forestry sector acted as a net sink, removing emissions in 2019.
Decoupling Economic Growth from Emissions
• India's GDP grew at a CAGR of 7% from 2005 to 2019, while emissions grew at a CAGR of 4%, demonstrating a reduction in emission intensity of GDP.
Challenges and Future Directions
• Transitioning to a diversified energy mix with a significant share of non-fossil sources, focusing on renewables like solar and wind.
• Initiatives like Green Hydrogen Mission, Offshore Wind Energy Policy, and Clean Coal initiatives to enhance environmental sustainability and reduce emissions.
• Addressing challenges such as high reliance on coal and petroleum imports, and promoting energy efficiency across sectors.
Financing Sustainable Development
Sovereign Green Bonds
• Introduced framework in 2022 to mobilise resources for green projects, rated 'Medium Green' with a 'Good' governance score by CICERO.
• Issued Rs. 16,000 Crore in sovereign green bonds in Jan-Feb 2023 and Rs. 20,000 Crore in Oct-Dec 2023 to fund public sector projects aimed at reducing economic emissions intensity.
SEBI Sustainability Reporting
• Mandatory ESG disclosures for top 100 listed entities since 2012, extended to top 1000 entities by 2022-23.
• New Business Responsibility and Sustainability Report (BRSR) with granular metrics aligned with National Guidelines on Responsible Business Conduct.
• Introduced BRSR core for ESG disclosures in value chains starting from 2024-25, to cover top 250 listed companies by 2024-25 and phased to top 1000 by 2026-27.
RBI Initiatives
• Implemented Framework for Acceptance of Green Deposits to develop green finance ecosystem.
• Priority Sector Lending (PSL) rules promote renewable energy with concessional credit for projects such as solar, biomass, wind energy up to Rs. 30 Crore.
• Non-conventional energy projects like street lighting and remote village electrification eligible for priority sector classification under PSL rules.
Compiled by EN Team