Team Blitz India
NEW DELHI: Ahead of the Interim Budget, a Finance Ministry report projected India’s economic trajectory 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 read said.