India’s economy to attain size of USD 34.7 trillion by 2047: PHDCCI
The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds, the industry body said.
Union Finance Minister Nirmala Sitharaman on Thursday presented the Interim Budget 2024. The Indian economy has witnessed profound transformation in the past 10 years, she said and pointed out that the nation has overcome several challenges and undertaken structural reforms.
She highlighted that the Direct Benefit Transfer of Rs 34 lakh crore using PMJDYY has led to Rs 2.7 lakh crore of savings of the government.
“In 2014, the country was facing enormous challenges, the government overcame those challenges and undertook structural reforms, pro people reforms were undertaken, conditions for jobs and entrepreneurship were set in, fruits of development started reaching people at scale, country got a sense of new purpose and hope,” the Finance Minister said.
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“Our young country has high aspirations, pride in the present and hope and confidence in its bright future.”
“In the second term, the government strengthened its mantra and our development philosophy covered all elements of inclusivity, namely social and geographical. With a whole of nation approach, the country overcame challenges of the COVID-19 pandemic, took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal,” she added.
In the past 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty. When the poor became empowered, partners in the development process, the government’s power to assist them increases manifold, she said.
The Finance Minister highlighted that every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers.
“Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. These are assisting farmers in producing food for the country and for the world,” she said.
DPI is instrumental in formalisation of the economy. GIFT IFSC and IFSCA are creating a robust gateway for global capital and financial services for the economy, she said.
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