Summary:
Ms. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, expressed confidence in India's economic development and predicted a considerable increase in per capita income over the next five years. At the Kautilya Economic Conclave, she projected an additional $2,000 rise in per capita income. While it took 75 years for India to reach US$ 2,730, future growth is likely to be faster, driven by a younger population and rising consumption.
She highlighted the crucial role of consumption in India's economy, accounting for over 60% of GDP, and noted that nearly 43% of the population is under 24, which is a key driver of organic growth. Praising India's financial system for its global competitiveness, she stressed the importance of nurturing the youth for future growth. She compared India's trajectory to China's, citing favorable global trade conditions. Notably, India grew by 8.2% in 2023-24, with forecasts of 6.5% to 7% for the current fiscal year.
Source: IBEF
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