New Delhi: A Finance Ministry report on Monday glowingly projected that India may well be on the path to become $7 trillion economy by 2030, NDTV reported.
'Indian Economy - A Review' claimed that the country bagged a strong growth for the third consecutive year crossing 7 percent mark.
The steady upward trend of India’s growth trajectory comes at a time when the world is struggling at 3 per cent growth rate.
‘India's unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions,' the review reportedly said.
The factors that contributed to the growth, according to the report, include surge in public sector investment, healthy financial sector, and robust growth in non-food credit.
The report further said that ‘The reforms undertaken to strengthen the financial sector have helped clean up the balance sheets of banks and corporates and emboldened banks to resume lending to all sectors of the economy. The unification of the domestic markets brought in by the adoption of the GST has incentivised production on a larger scale, and enhanced economic efficiency while reducing logistics costs.’
The government’s ‘ all-inclusive welfare approach’ can help enlarge the middle class thus expanding the consumption base.
The report claimed that agriculture sector showed ‘remarkable tenacity and resilience’ despite challenges from climate variations and global health crisis.
India’s Digital Public Infrastructure (DPI), widespread internet connectivity, smartphones and rapid urbanization has turned the country into the third-largest fintech economy globally after USA and the UK.