India’s economy is anticipated to grow beyond 7% in the coming years, propelled by a robust financial sector and ongoing reforms, according to a finance ministry report released ahead of the interim budget. Titled “The Indian Economy: A Review,” the report envisions India becoming the world’s third-largest economy within the next three years, reaching a GDP of $5 trillion, and aiming to become a $7-trillion economic powerhouse by 2030. The report asserts that achieving the status of a ‘developed country’ by 2047 is attainable if reforms continue without interruption. The report highlights the likelihood of India achieving a growth rate of 7% or above in FY24 and possibly sustaining this growth in FY25, marking a significant achievement in the post-pandemic period.
The positive impact of reforms on private investments, including measures such as the Goods and Services Tax (GST), is emphasized in the report. Chief Economic Advisor V Anantha Nageswaran and his team prepared the report, clarifying that it does not replace the Economic Survey, which will be released before the full budget presentation after the general elections.
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