India’s Finance Ministry forecasts its national economy to annually grow by 7%
In the coming years, India's economy is expected to grow by more than 7 percent per year due to the development of the country’s financial sector and the implementation of structural reforms. In addition, the country can achieve an economic volume of $7 trillion by 2030, TASS reports.
It is noted that the forecast has been prepared by the Finance Ministry in its Indian Economy – A Review report and made public ahead of presenting the interim budget for 2024-2025 in the Parliament.
It is expected that ‘India is expected to become the third-largest economy in the world, with a GDP of $5 trillion’ in the next three years. “The government has, however, set a higher goal of becoming a 'developed country' by 2047,” the report reads.
It is clarified that, due to the strength of the domestic demand, the economy has achieved growth rates of over 7 percent in the last three years. The sustainability of the domestic demand, especially in private consumption and investment, is linked to the Government's reforms and measures over the past 10 years.
According to the Finance Ministry, in order to accelerate economic growth, the Government needs to pay attention to reforms in such areas as improving the skills of the workforce, developing healthcare, ensuring energy security, and reducing the tax burden for micro-, small- and medium-sized enterprises. It is also worth maintaining a gender balance in the workforce.
The report notes that India can claim to become a $7 trillion economy in the next six to seven years – by 2030.
