The Indian economy has witnessed profound positive change in the last 10 years, Finance Minister Nirmala Sitharaman said on Thursday, February 1, 2024.
Ms. Sitharaman said in her pre-poll Budget, which is technically a vote on account and popularly known as the interim budget, that the people of India are looking to the future with hope and options.
2024 Interim Budget Updates
She further said that the government led by Prime Minister Narendra Modi covers all aspects of inclusivity.
Structural reforms, citizen-friendly programs and employment opportunities have given the economy new impetus, said the Finance Minister.
After a contraction of 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
The Finance Ministry said in its latest monthly economic report that the Indian economy will become the third largest in the world in the next three years with a GDP of 5 trillion from the current 3.7 trillion.
7 trillion economic goal by 2030
It also says that India can aim for a $7 trillion economy in the next six to seven years (by 2030).
In December, the Reserve Bank of India raised the GDP growth forecast for the current fiscal to 7 percent from 6.5 percent previously, as domestic demand was buoyant and capacity utilization in the manufacturing sector was higher.
Interim budget 2024: highlights
The Washington-based International Monetary Fund (IMF) has forecast that India's economic growth will remain strong at 6.5 percent in 2023-24 and 2024-25, an improvement of 0.2 percentage points for both years over previous forecasts corresponds.
The World Bank has forecast a growth rate of 6.4 per cent for India in the current financial year and a slightly higher GDP growth of 6.5 per cent in 2024-25.
Another leading multilateral agency, ADB, has raised India's growth outlook to 6.7 percent for 2023-24 from 6.3 percent after faster-than-expected expansion in July and September, driven by double-digit industrial growth .
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