Indian Economy Poised To Reach $7 Trillion By 2030, Says Govt Report - Vibes Of India

Gujarat News, Gujarati News, Latest Gujarati News, Gujarat Breaking News, Gujarat Samachar.

Latest Gujarati News, Breaking News in Gujarati, Gujarat Samachar, ગુજરાતી સમાચાર, Gujarati News Live, Gujarati News Channel, Gujarati News Today, National Gujarati News, International Gujarati News, Sports Gujarati News, Exclusive Gujarati News, Coronavirus Gujarati News, Entertainment Gujarati News, Business Gujarati News, Technology Gujarati News, Automobile Gujarati News, Elections 2022 Gujarati News, Viral Social News in Gujarati, Indian Politics News in Gujarati, Gujarati News Headlines, World News In Gujarati, Cricket News In Gujarati

Indian Economy Poised To Reach $7 Trillion By 2030, Says Govt Report

| Updated: January 30, 2024 17:07

If the finance ministry projection is to be believed, India’s economic trajectory is set to potentially reach $7 trillion by 2030.

According to data presented in ‘Indian Economy – A Review’, India has managed to achieve strong growth for a third consecutive year, surpassing a 7 per cent expansion right when the global economy struggles to grow at more than 3 per cent.

“India’s unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions,’ the review read.

Over the past decade, public sector capital investment has surged, the financial sector remains healthy, and non-food credit growth has been robust, all contributing to India’s brisk economic ascent.

“The reforms undertaken to strengthen the financial sector have helped clean up the balance sheets of banks and corporates and emboldened banks to resume lending to all sectors of the economy. The unification of the domestic markets brought in by the adoption of the GST has incentivised production on a larger scale, and enhanced economic efficiency while reducing logistics costs,” the report reads.

The report adds that Centre’s all-inclusive welfare approach is expected to contribute to the expansion of the consumption base by enlarging the middle class. Despite challenges posed by the global health crisis and climate variability, the agriculture sector has displayed remarkable tenacity and resilience, it claims.

India’s robust Digital Public Infrastructure (DPI) has transformed the authentication ecosystem, reducing the cost of conducting electronic Know Your Customer (e-KYC).

This, coupled with widespread internet connectivity and smartphones, rapid urbanisation, has propelled the country’s e-commerce market, making India the third-largest fintech economy globally after USA and the UK.

Also Read: Supreme Court Grants Tejashwi Yadav One Week to Retract Controversial Remark

Your email address will not be published. Required fields are marked *