Advertisement
Finance Minister Smt Nirmala Sitharaman said India has become one of the world's fastest-growing economies and is on track to become the third-largest soon. Speaking at the Delhi School of Economics, she highlighted that India rose from the tenth-largest economy in 2014 to the fifth today, driven by internal resilience and strong reforms. She credited welfare schemes, digital initiatives, and sectoral reforms for lifting 25 million people out of poverty. Public sector banks have recovered from past financial stress, and the government aims to meet its fiscal deficit target of 4.4%. Global institutions like the IMF and World Bank recognise India as a key growth driver.
Finance Minister Smt Nirmala Sitharaman said India has firmly established itself as one of the world's fastest-growing economies and is set to soon become the third-largest. Addressing students at the Delhi School of Economics, she pointed out that the country's position has strengthened consistently, moving from the tenth-largest economy in 2014 to the fifth today, and that this upward path will continue. Advertisement
She mentioned that India's progress stands out globally because it is driven by internal economic resilience rather than external dependence. The minister said that strong reforms, digital transformation, and government initiatives across key sectors have contributed to steady and inclusive growth.
Sitharaman shared that around 25 million people have been lifted out of multi-dimensional poverty through a combination of welfare measures and improved access to housing, sanitation, and financial services. She noted that the government's focus on social development and financial inclusion has helped improve living standards for large sections of the population.
Discussing the financial sector, the finance minister said public sector banks, which once struggled with the twin balance sheet problem around seven to eight years ago, are now in a far better position. Their balance sheets have strengthened, profitability has improved, and they are now well equipped to support credit growth and economic expansion.
She also expressed confidence that the government will achieve the fiscal deficit target of 4.4% for the current financial year. The fiscal deficit for 2025-26 is estimated at 4.4% of the GDP, which equals around INR 15.69 lakh crore. Sitharaman said this goal is realistic and reflects the government's commitment to maintaining fiscal discipline while continuing to support development priorities.
India's economic progress has also been recognised by international financial institutions such as the IMF and World Bank, which have consistently projected India as one of the major drivers of global growth. Strong domestic demand, a growing manufacturing base, and increasing capital expenditure are expected to sustain momentum in the coming years.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
