NEW DELHI: Finance Minister Nirmala Sitharaman has projected India’s share in global growth for the next five years to be at 18%. She conveyed optimism that the BJP government under Prime Minister Narendra Modi will secure victory in the Lok Sabha poll 2024 on June 4.
“We are confident that PM Modi is coming back with a good majority... We are looking at an India, which is going to be dynamic, contributing 18% to the global growth,” Sitharaman said while addressing the Confederation of Indian Industries (CII) Annual Business Summit 2024 on Friday.
Currently, India’s share in world GDP is around 10% in purchasing power parity (PPP) terms. India is ranked third in terms of GDP in PPP terms after China (whose share in global GDP is 19%) and the US (13%). She said with a burgeoning consumer market projected to double by 2031, coupled with an increase in consumption expenditure and a consistent uptrend in financial services spending, India is positioned to maintain its status as the world’s fastest-growing economy in the years ahead.
She stressed that India looks at the private sector as a partner in the development of India. Meanwhile she also said the full budget for FY25 will be announced in July 2024 when the new government will be formed. As per Sitharaman, the opportunity provided by India’s demographic dividend spans the next 30 years.
India’s shift towards green energy and a sustainable economy is poised to create a fresh market and global demand. Referring to a 2021 World Economic Forum report, she highlighted projections of 50 million net new economy jobs emerging in India, along with a $1 trillion economic impact by 2030.
In addition, Arvind Panagariya, Chairman of the 16th Finance Commission, said if India sustains the growth trend seen over the past two decades, it can rank as the world’s third-largest economy by 2027-28. He highlighted that in the period starting from 2003-04, India eradicated extreme poverty, which now affects less than 3% of the population.
He further added that a large part of the workforce in agriculture has to move to industrial or services economy, and that is the pathway to transformation.
BJP will win in LS poll: FM
Sitharaman conveyed optimism that the BJP government under Prime Minister Narendra Modi will secure victory in the Lok Sabha poll 2024 on June 4. Currently, India’s share in world GDP is around 10% in purchasing power parity (PPP) terms. India is ranked third in terms of GDP in PPP terms after China
Renewables to create jobs
As per FM, the opportunity provided by India’s demographic dividend spans next 30 years. India’s shift towards green energy and a sustainable economy is poised to create a fresh market and global demand. Referring to a 2021 WEF report, she said projections of 50 mn net new economy jobs emerging in India
