Finance Minister: India Will be Top Three Economic Powers Over Next 10-15 Years
Indian Finance Minister Nirmala Sitharaman has said the country is expected to be one of the top three economic powers over the next 10-15 years. She was present at the US-India Businesses and Investment Opportunities event in New Delhi and said that India has emerged as one of the fastest-growing economies in the world.
Sitharaman spoke at the US-India Businesses and Investment Opportunities event and shared that seeing as how India is one of the fastest-growing economies in the world, it has surpassed the U.K. to become the fifth-largest economy in the world. “India has emerged as one of the fastest-growing major economies in the world. It has recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years,” she stated.
She did, however, point out that India is not protected from global economic developments that may negatively impact the economy. India’s growth has been supported by public investment, strong corporate balance sheets, above-normal southwest monsoon, upbeat consumer and business confidence, and the receding threat of the COVID-19 pandemic.
The Indian Finance Minister gives credit to PM GatiShakti program, semiconductor mission, and Production Linked Incentive (PLI) schemes across sectors for India’s economic growth, among other factors. These schemes and programs have proved valuable given the sustained investment flow coming to India thanks to the FPI route.
India’s digital progress is what will define India’s growth and development in the next decade. The country is said to have built a new digital economy thanks to over a billion digital identities (Aadhaar), a billion bank accounts, and a billion mobile phones.
Lastly, talking about new-age FinTech firms, Sitharaman said that India has a powerful story on Digital Public Goods (DPG). “The economy is seeing an exponential increase in new-age FinTech firms. India has the highest FinTech adoption rate as compared to the global average,” she added.