India GDP Data: In the next three years, India's economy will become 5 trillion dollars and with this, India's economy will be the third largest economy in the world. The Finance Ministry has released a report regarding the Indian economy in which these things have been said. It has also been claimed in this report that in the next six to seven years or by 2030, India's economy will become 7 trillion dollars.
The Finance Ministry said in its report that 2023-24 is the third consecutive year when the Indian economy is registering a growth of more than 7 percent, while it is becoming very difficult for the global economy to show even 3 percent growth. According to the report, during the tenure of Modi government, there has been a strong increase in capital investment in the public sector in the last 10 years. The financial sector remains strong. Non-food credit growth has increased due to which the Indian economy is showing momentum.
The Ministry of Finance @FinMinIndia releases The Indian Economy – A Review.
The Review consists of two chapters and takes stock of the state of the Indian economy and its journey in the last 10 years and offers a brief sketch of the outlook for the economy in the coming years.… pic.twitter.com/0RDPiW3f5h— Ministry of Finance (@FinMinIndia) January 29, 2024
The Finance Ministry said that inclusive growth, unemployment rate being very low, inflation rate falling, there has been a journey from fragmentation to stability and strength in the last 10 years. Due to the government's better Covid management, relief package and successful vaccine campaign, the economic development could get back on track. The structural reforms implemented by the government after 2014 have strengthened the country's macroeconomic foundation.
According to the Finance Ministry, the implementation of GST has helped in unifying the country's markets, increasing production and also reducing logistics costs. According to the report, the citizens of the country have been the beneficiaries of government programs in the last 9 years and have also been a major contributor to the success on the economic front.
The Finance Ministry said that India is the third largest fintech market in the world after America and UK and it has succeeded in reducing the cost of e-KYC from Rs 1000 to Rs 5.
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