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Indian economy witnessed profound positive transformation in last 10years: FM Nirmala Sitharaman

PTI
Updated: February 1st, 2024, 12:03 IST
in Business, National
0
Indian economy witnessed profound positive transformation in last 10years: FM Nirmala Sitharaman

Pic - PTI

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New Delhi: The Indian economy has witnessed a profound positive transformation in the last 10 years, Finance Minister Nirmala Sitharaman said Thursday.

Sitharaman in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, said people of India are looking ahead to the future with hope and options.

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She further said the government under the leadership of Prime Minister Narendra Modi covered all aspects of inclusivity.

Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said.

After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.

The finance ministry in its latest monthly economic review said the Indian economy will become third largest in the world in the next three years with a GDP of $5 trillion from the current $3.7 trillion.

It also said India can aspire to become a $7 trillion economy in the next six to seven years (by 2030).

In December, the Reserve Bank of India raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent earlier on buoyant domestic demand and higher capacity utilisation in the manufacturing sector.

The Washington-headquartered International Monetary Fund (IMF) has projected that economic growth in India to remain strong at 6.5 per cent in 2023-24 and 2024-25, an upgrade of 0.2 percentage points for both years from earlier forecast.

The World Bank has projected a growth rate for India at 6.4 per cent for the current financial year, and a marginally higher expansion in the GDP at 6.5 per cent for 2024-25.

Another leading multilateral agency ADB has raised the growth outlook for India to 6.7 per cent for 2023-24 from 6.3 per cent, following faster-than-expected expansion in July-September, driven by double-digit growth in industry.

PTI

Tags: ADBIMFNarendra ModiNirmala SitharamanWorld Bank
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