Finance Minister Nirmala Sitharaman expressed confidence that India will become the world's third-largest economy, surpassing USD 5 trillion by 2027-28, and evolve into a developed nation with a GDP of at least USD 30 trillion by 2047. Currently, India ranks as the fifth-largest economy globally.
During the Amritkal, marking 100 years of India's Independence in 2047, Sitharaman highlighted the focus on sunrise industries and the impact of the Modi government's FDI policy, which attracted USD 595 billion in the last 9 years. She emphasized the resilience of the Indian people in overcoming post-COVID challenges, with Gujarat playing a pivotal role as the engine of growth in India's journey to becoming a developed economy.
Sitharaman noted that Gujarat, with 5% of India's population, contributes 8.5% to the country's GDP and is growing at a rapid pace. She highlighted India's progress in semiconductor production and the significant adoption of electric vehicles, attributing these achievements to the government's FDI policies.
The Finance Minister highlighted that India has attracted USD 919 billion in FDI over 23 years, with USD 595 billion coming in the last 8-9 years. She emphasized that FDI is flowing in due to policies that ensure certainty, convenience, and ease of doing business. Sitharaman also discussed financial inclusion, stating that 80% of the population now has bank accounts, with the number of account holders increasing from 15 crore to 50 crore since 2014.
(With Agency Inputs)
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