The Finance Ministry, in its report ahead of the Interim Union Budget, has projected India’s real GDP growth to reach close to 7% in the fiscal year 2024-25, with significant potential to exceed 7% by 2030. The report emphasizes that the Indian economy is poised to become the third-largest globally, hitting the $5 trillion mark within the next three years.
According to the Finance Ministry’s 10-year review of the economy, India’s sustained 7% growth, especially when the global economy is growing at 2%, is deemed “qualitatively superior” compared to achieving 8%-9% growth during periods of global economic growth at 4%. The report highlights the country’s resilience and qualitative strength in the face of global economic trends.
Finance Minister Nirmala Sitharaman, with the presentation of the Interim Budget on February 1, is set to surpass the records of her predecessors, including Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets in a row.
In the 2023 budget, major announcements included an increase in the rebate limit for income taxes to ₹7 lakh and the allocation of the highest-ever capital outlay of ₹2.40 lakh crore for the railways, showcasing the government’s commitment to economic growth and infrastructure development. The Finance Ministry’s positive outlook for India’s economic trajectory underscores the country’s potential as a key player in the global economic landscape.
