NEW DELHI: Finance minister Nirmala Sitharaman said on Thursday that the Indian economy has witnessed a profound positive transformation in the past decade.
In her pre-election Budget, Sitharaman expressed that the people of India are optimistic about the future and the available opportunities. She also emphasized that the government, led by Prime Minister Narendra Modi, has prioritized inclusivity in all areas.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said.
After experiencing a contraction of 5.8 percent in 2020-21, the economy rebounded with a growth rate of 9.1 percent in 2021-22.
According to the latest monthly economic review by the finance ministry, India is projected to become the third-largest economy in the world within the next three years, with a GDP of 5 trillion dollars, up from the current 3.7 trillion dollars.
The review also suggests that India has the potential to reach a GDP of 7 trillion dollars by 2030.
In December, the Reserve Bank of India raised its GDP growth projection for the current fiscal year to 7 percent, up from the previous estimate of 6.5 percent. This revision was based on strong domestic demand and increased capacity utilization in the manufacturing sector.
The International Monetary Fund (IMF) has upgraded its forecast for India’s economic growth to 6.5 percent for the years 2023-24 and 2024-25, an increase of 0.2 percentage points compared to its earlier projections.
The World Bank has estimated a growth rate of 6.4 percent for the current financial year and a slightly higher GDP expansion of 6.5 percent for 2024-25.
The Asian Development Bank (ADB) has also raised its growth outlook for India to 6.7 percent for 2023-24, taking into account the faster-than-expected expansion in the industry sector during July-September.
(With inputs from agencies)
In her pre-election Budget, Sitharaman expressed that the people of India are optimistic about the future and the available opportunities. She also emphasized that the government, led by Prime Minister Narendra Modi, has prioritized inclusivity in all areas.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said.
After experiencing a contraction of 5.8 percent in 2020-21, the economy rebounded with a growth rate of 9.1 percent in 2021-22.
According to the latest monthly economic review by the finance ministry, India is projected to become the third-largest economy in the world within the next three years, with a GDP of 5 trillion dollars, up from the current 3.7 trillion dollars.
The review also suggests that India has the potential to reach a GDP of 7 trillion dollars by 2030.
In December, the Reserve Bank of India raised its GDP growth projection for the current fiscal year to 7 percent, up from the previous estimate of 6.5 percent. This revision was based on strong domestic demand and increased capacity utilization in the manufacturing sector.
The International Monetary Fund (IMF) has upgraded its forecast for India’s economic growth to 6.5 percent for the years 2023-24 and 2024-25, an increase of 0.2 percentage points compared to its earlier projections.
The World Bank has estimated a growth rate of 6.4 percent for the current financial year and a slightly higher GDP expansion of 6.5 percent for 2024-25.
The Asian Development Bank (ADB) has also raised its growth outlook for India to 6.7 percent for 2023-24, taking into account the faster-than-expected expansion in the industry sector during July-September.
(With inputs from agencies)
