Highlights of the year
Macroeconomic Development
In 2023-24, India’s real GDP is estimated to grow by 7.6%. Retail inflation averaged at 5.4% in 2023-24, lower than 6.7% in the previous year. India recorded a current account deficit of 1.2% of GDP in April-December 2023, lower than 2.6% of GDP in April-December 2022.
Home Affairs
Parliament passed three Bills to reform criminal law. Bill establishing an authority to control civil services in Delhi was also passed. Rules under the Citizenship Amendment Act, 2019 were notified.
Elections
Parliament passed a Bill to regulate the appointment of Election Commissioners. Supreme Court struck down electoral bonds scheme. A Committee chaired by former President Mr. Kovind recommended simultaneous elections to Lok Sabha and state legislative assemblies.
Law and Justice
Parliament amended the Constitution to provide for reservation of one-third seats for women in Lok Sabha and State Assemblies were passed. It upheld the abrogation of Article 370 as constitutional.
Communications
Parliament passed two Bills to replace the legal framework for telecommunications sector and post office. The Union Cabinet approved a third revival package for BSNL worth Rs 89,047 crore.
Information Technology
The Digital Personal Data Protection Bill, 2023 was passed by Parliament. The IT Rules, 2021, were amended to regulate online gaming, and establish a central fact checking unit.
Corporate Affairs
The Competition Act, 2002 was amended to regulate mergers and acquisitions based on value of transactions. Competition Commission of India notified commitment and settlement regulations. Report on Digital Competition Law was submitted.
Finance
Parliament passed amendments to levy GST on online money gaming. The 16th Finance Commission was constituted. SEBI rolled-out out same-day settlement for securities on a pilot basis. RBI withdrew Rs 2,000 banknotes from circulation.
Media and Broadcasting
Parliament passed a Bill increasing the number of age-based categories for film certification. The Bill also penalises unauthorised recordings of films. Parliament also passed a Bill regulating the distribution of newspapers and periodicals.
Environment
The Forest Conservation Act, 1980 was amended to exempt prior approval of the central government for using forest land for certain non-forest uses. Rules were notified to award and facilitate trade of green credits.
Power
The Union Cabinet approved the PM-Surya Ghar: Muft Bijli Yojana to encourage the use of rooftop solar systems. Time of Day tariff has been made mandatory for retail consumers except agricultural consumers. Renewable consumption obligation was notified for certain entities including discoms and captive users. Renewable purchase obligation for discoms was discontinued.
Parliament passed a Bill to establish the National Research Foundation to fund research in fields such as science and technology, environment, and agriculture. Cabinet approved the National Quantum Mission to accelerate R&D in quantum computing. The Indian Space Policy, 2023 was approved.
Health
Parliament passed Bills establishing National Commissions for dentistry, and nursing and midwifery. Surrogacy rules were amended to allow an intending couple to use donor gametes.
Education
Parliament passed a Bill to restrict use of unfair means in public examinations. The National Curriculum Framework on School Education was released. It implements principles of the NEP, such as the four-stage design of school education.
Social Security
The government decided to provide food grain entitlement under the National Food Security Act, 2013 free of cost for five years.