Indian Home Minister Amit Shah stated that India will have a $5 trillion GDP by 2025 and will be the world’s third-largest economy by 2027.
“In the last eight years, India has achieved the feat of becoming the 5th largest economy from the 11th rank it held earlier, leaving Britain behind,” he remarked.
The remark was made by the Home Minister at an event in Chennai. He also highlighted a Morgan Stanley analysis that claimed India would become the world’s third-largest economy by 2027.
Infrastructure is critical for this. The Modi government has accomplished a great deal in various industries over the previous eight years as a result of effective and transparent policies, said Minister Shah.
He emphasised the importance of the infrastructure sector in achieving this success and stated that the government has implemented a number of effective policies to make it possible.
The home minister further added, “Be it in the space sector, drone sector, or making India the hub of defence manufacturing, Prime Minister Narendra Modi has brought about major changes in the existing policies.”
“Be it making policies for the coal sector, the commercial mining sector, for start-ups or for pushing the banking sector ahead-the Modi govt has introduced a slew of effective and transparent policies,” he added.
He also stated that as a result of the Modi government’s poverty alleviation measures, more than 60 crore individuals in India had begun to contribute to the economy.
He went on to say that as a result of these amenities, the living standards of this population of 60 million people had improved. They have now begun to contribute to the economy with new objectives.
He also remarked that India has become a fast-paced economy as a result of political stability and transparent government. He went on to say that the IMF estimates India will rank second in the G20 with a 6.8% GDP growth in 2022-23.
In highlighting India’s successes, he stated that the central government had prioritised spending, increasing capital investment by 46.8% over the previous year and that the GST collection in October 2022 was 1,51,718 crores, the second highest collection to that point.
