Finance Minister Nirmala Sitharaman has said India Has emerged as one of the fastest growing major economies in the world and is expected to be among the top three economic powers globally in the next 10-15 years.
Sitharaman said the global economic outlook remains challenging and the Indian economy is not untouched by the impact of global economic growth. PTI report good. She was speaking at the US-India Business and Investment Opportunities event in New Delhi on Friday.
Also read: India on track to become 3rd largest economy by 2027, 3rd largest economy Share Market By 2030, says Morgan Stanley
Sitharaman said India has carved out its growth trajectory backed by normal southwest monsoon, public investment, strong corporate balance sheet, upbeat consumer and business confidence and the looming threat of the COVID-19 pandemic.
“India has emerged as one of the fastest growing major economies in the world. It has recently overtaken the UK to become the world’s fifth largest economy and is expected to be among the top three economic powers globally in the next 10-15 years. PTI report good.
Listing some of the important measures taken by the government to boost the economy, the Finance Minister mentioned about Production Linked Incentive (PLI) schemes across sectors, PM Gati Shakti program and Semiconductor Mission.
“We recognize foreign capital inflows as an important component of India’s growth story. Major reforms include simplification and rationalization of Foreign Portfolio Investor (FPI) regulations, increase in total foreign investment limit, introduction of Common Application Form (CAF) for registration of FPIs, and new channels of debt investment such as Voluntary Retention Route (VRR) and Fully Accessible Route (FAR),” she said.
He said the success of these measures is reflected in the continued investment inflows entering India through the FPI route.
Importantly, he said, the US is the top source country for FPI investments in India, with the Assets Under Custody (AUC) of FPIs from the United States close to USD 234 billion as on September 30, 2022.
On India’s digital prowess, Sitharaman said it will define India’s growth and development in the next decade – medium to long term.
He said that India has built an entirely new digital economy by leveraging the foundation of over one billion bank accounts, one billion mobile phones and one billion digital identities (Aadhaar).
“Today, we have a powerful story on Digital Public Goods (DPG) to tell the world. The economy is witnessing rapid growth in new-age FinTech firms. India has the highest FinTech adoption rate compared to the global average .
According to the latest data, India’s industrial output, as measured by the Index of Industrial Production (IIP), grew by 3.1 per cent in September, supported by double-digit growth in electricity generation. This is compared to a contraction of 0.8 per cent in the previous month.
Recently, global investment bank Morgan Stanley said in its report that India is on track to become the world’s third largest economy by 2027, surpassing Japan and Germany, and the third largest market share by 2030, which is in line with global trends. and is based on key factors. The country has invested in technology and energy.
It added that India is already the fastest growing economy in the world, registering 5.5 per cent growth in average GDP over the past decade. Now, three megatrends—global offshoring, digitization and energy transition—are setting the landscape for unprecedented economic growth in a country of more than 1 billion people.
Ridham Desai, Chief Equity Strategist (India), Morgan Stanley, said in the report, “We believe that India is poised to surpass Japan and Germany to become the world’s third largest economy by 2027 and the third largest share by The market will be at the end of this decade… As a result, India is gaining power in the world order, and in our opinion these special changes are a once in a generation change and an opportunity for investors and companies.
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