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Union Finance Minister Nirmala Sitharaman presents the Interim Budget 2024 in the Lok Sabha, at Parliament House in New Delhi, Thursday, Feb. 1, 2024.
| Photo Credit: PTI
The Indian economy has witnessed a profound positive transformation in the last 10 years, Finance Minister Nirmala Sitharaman said on Thursday, February 1, 2024.
Ms. Sitharaman in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, said people of India are looking ahead to the future with hope and options.
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She further said the government under the leadership of Prime Minister Narendra Modi covered all aspects of inclusivity.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the Finance Minister said.
After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
The Finance Ministry in its latest monthly economic review said the Indian economy will become third largest in the world in the next three years with a GDP of 5 trillion from the current 3.7 trillion.
7 trillion economy target by 2030
It also said India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030).
In December, the Reserve Bank of India raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent earlier on buoyant domestic demand and higher capacity utilisation in the manufacturing sector.
The Washington-headquartered International Monetary Fund (IMF) has projected that economic growth in India to remain strong at 6.5 per cent in 2023-24 and 2024-25, an upgrade of 0.2 percentage points for both years from earlier forecast.
The World Bank has projected a growth rate for India at 6.4 per cent for the current financial year, and a marginally higher expansion in the GDP at 6.5 per cent for 2024-25.
Another leading multilateral agency ADB has raised the growth outlook for India to 6.7 per cent for 2023-24 from 6.3 per cent, following faster-than-expected expansion in July-September, driven by double-digit growth in industry.
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