Highlights of the year
Macroeconomic Development
In 2022-23, India’s real GDP was estimated to grow by 7% over 9% in the previous year. RBI revised the repo rate upwards six times from 4% in April 2022 to 6.5% in February 2023. Retail inflation averaged at 6.7% in 2022-23. Wholesale price index inflation averaged 9.4% in 2022-23, lower than 13% in 2021-22.
Finance
The Finance Ministry brought virtual digital assets under the purview of money laundering. The Supreme Court observed that GST Council’s recommendations are not binding on the centre and states. RBI allowed the settlement of international trade in Indian Rupees.
Road Transport
Rules to collect fee for the use of National Highways were amended to charge fees based on actual distance travelled by a vehicle. The ownership and award criteria for PPP mode highway projects were amended. The criteria for allocation of funds for the development of state roads was amended.
Health
Surrogacy rules indicating conditions under which surrogacy is permissible were notified. Draft Bill to ensure quality, efficacy, and clinical trial of new drugs and clinical investigation of investigational medical devices was released.
Home Affairs
Parliament introduced a Bill to empower the central government to establish an Election Authority for multi-state cooperative societies. A Bill to collect identifiable details of convicts and arrested persons was passed. A scheme for the development of villages with the northern China border was notified.
Power
Parliament passed the Energy Conservation Bill, 2022 that empowered the central government to specify a carbon trading scheme. The Electricity (Amendment) Bill, 2022 was introduced in Lok Sabha and was referred to a Committee. The Cabinet approved the National Green Hydrogen Mission.
Environment
The Forest (Conservation) Amendment Bill, 2023 was introduced in Parliament which seeks to add and exempt certain types of land from the purview of the Act. Rules regulating battery waste management and e-waste were notified. India updated its climate change related targets to bring down emissions.
Communications
The draft Indian Telecommunication Bill, 2022 was released for public feedback. The Union Cabinet approved the auction of 5G spectrum. It also approved a project to provide 4G services in certain uncovered villages.
Information Technology
The draft Digital Personal Data Protection Bill, 2022 was released. The IT Rules, 2021 were amended to allow a centrally appointed authority to identify and cause the removal of fake news. The Rules were also amended to regulate online gaming.
Defence
The Union Cabinet approved the Agnipath Scheme under which candidates will serve for four years and be known as Agniveers. The Defence Acquisition Procedure was amended to promote indigenous production of defence equipment. The criteria for appointment of Chief of Defence Staff was amended.
Law and Justice
The Supreme Court suspended the enforcement of the sedition law. It also upheld the reservation for economically weaker sections. The 22nd Law Commission invited comments on conducting simultaneous elections.
Petroleum
The target of achieving 20% ethanol blending by 2030 was advanced to 2025-26. The sale of domestically produced crude oil was also deregulated. A one-time grant of Rs 22,000 crore was approved for marketing PSUs for their losses in supplying domestic LPG.
During 2022-23, Parliament passed 17 Bills. This is lower than the average (32 Bills) passed in a year during the last five years.