From being the 10th largest economy ten years ago with a GDP of $1.9 trillion at current market prices, the country now is the 5th largest, with a GDP of $3.7 trillion.
The Indian finance ministry expects the country to turn the third-largest economy with a GDP of $5 trillion in three years, and hit $7 trillion by 2030 on the back of continued reforms.
Future reforms will be more purposeful and fruitful with participation of states, and will encompass changes in governance at the district, block and village levels.
“This ten-year journey is marked by several reforms, both substantive and incremental, which have significantly contributed to the country’s economic progress,” the review noted.
These reforms have also delivered an economic resilience that India needs to deal with unanticipated future global shocks, it said.
Future reforms will be more purposeful and fruitful with full participation of state governments, and will encompass changes in governance at the district, block and village levels, making them citizen-friendly and small business-friendly, the ministry said.
Real GDP growth is likely to be closer to 7 per cent in fiscal 2024-25, it observed, hoping that considerable scope exists for the growth rate to rise well above 7 per cent by 2030. Higher risk of geopolitical conflicts remains an area of concern, a news agency reported citing the document.
Shocks to the global economy’s recovery post-COVID-19 like supply chain disruptions have returned in 2024, and if they persist, trade flows, transportation costs, economic output and inflation will be affected worldwide, chief economic adviser V Anantha Nageswaran noted in the preface of the review report.
Fibre2Fashion News Desk (DS)
