India A $5-trn Economy In 3 Years: Fin Min Report

New Delhi:The Indian economy is expected to become the third largest in the world having a size of $5-trillion in the next 3 years as the financial year 2023-24 marks the third successive year of over 7 per cent GDP growth. Besides, the country’s economy will touch $7-trillion by 2030 on the back of continued reforms, the government said on Monday.
“India is expected to become the third-largest economy in the world, with a GDP of $5-trillion and to touch $7-trillion by 2030,” the finance ministry said in its review report.
Finance Minister Nirm-ala Sitharaman will present the budget on Feb. 1, factoring in the growth projections. “The robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last ten years,” the review said.
Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9-trillion at current market prices. “This 10-year journey is marked by several reforms, both substantive and incremental, which have significantly contributed to the country’s, said the ministry’s economic review.
The Nirmala Sitharaman-headed ministry stressed that the reforms will be more purposeful and fruitful with full participation of state governments.
As far as the government’s reforms are concerned, the review further said that participation of states would be fuller when reforms encompass changes in governance at the district, block, and village levels, making them citizen-friendly and small business-friendly and in areas such as health, education, land and labour, in which states have a big role to play.
“The strength of the domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. In FY25, real GDP growth will likely be closer to 7 per cent,” said the report.
chief economic adviser V Anantha Nageswaran said the Union government has built infrastructure at a historically unprecedented rate, and it has taken the overall public sector capital investment from `5.6 lakh crore in FY15 to `18.6 lakh crore in FY24, as per the budget estimates.
( Source : Deccan Chronicle )
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