22, February, 2024
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India’s Economic Transformation: A Decade of Progress, Says Finance Minister

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In her pre-election Budget, Finance Minister Nirmala Sitharaman highlighted the remarkable positive transformation in the Indian economy over the last 10 years.

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The budget, seen as an interim measure, emphasizes the inclusivity of structural reforms, pro-people programs, and increased employment opportunities.

After a contraction of 5.8% in 2020-21, the Indian economy rebounded with a substantial 9.1% growth in 2021-22. The finance ministry’s monthly economic review projects India to become the world’s third-largest economy in the next three years, reaching a GDP of $5 trillion from the current $3.7 trillion. The goal is set even higher, envisioning India as a $7 trillion economy by 2030.

In December, the Reserve Bank of India revised its GDP growth projection for the current fiscal year to 7%, citing robust domestic demand and increased capacity utilization in the manufacturing sector.

The International Monetary Fund (IMF) and the World Bank have both provided optimistic growth forecasts for India, with the IMF projecting a strong 6.5% growth in 2023-24 and 2024-25. The World Bank expects a 6.4% growth rate for the current fiscal year, with a slightly higher expansion of 6.5% anticipated for 2024-25.

The Asian Development Bank (ADB) has also revised its growth outlook to 6.7% for 2023-24, driven by faster-than-expected expansion in key industries.

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As India looks towards the future with hope and optimism, the finance minister’s assessment reflects a decade of meaningful economic progress and sets the stage for continued growth and development.

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