Team Blitz India
The Finance Ministry’s latest monthly economic review forecasts that economic growth in financial year 2024 will exceed Reserve Bank’s projection of 7 per cent.
The report also expects growth next year to be close to 7 per cent, even though geopolitical risks could lead to supply chain disruptions and a rise in inflation.
The review also says that under reasonable assumptions, India can aspire to become a $7 trillion economy by 2030, adding that in the next three years, the country is expected to become a $5 trillion economy, the third largest in the world, and the government has set a higher goal of becoming a “developed country by 2047.”
India will continue its upward growth trajectory on the back of stable and robust domestic demand, expanding private consumption and investments, and structural reforms, Chief Economic Adviser in the Finance Ministry, V. Anantha Nageswaran, and his team said in the review that was released by the Department of Economic Affairs on January 29.
The monthly review said that priority areas for future reforms include skilling, learning outcomes, health, energy security, a reduction in the compliance burden for small businesses and gender balancing in labour force.
The ministry also said reforms will be more purposeful and fruitful with the full participation of state governments. Recent events in the Red Sea region may have brought back concerns over reliance on global supply chains, further aggravating the slower growth in global trade in 2023, according to the review report.
