India Surpassed UK’s Economy, To Become Top-3 Economic Powers: FM

The finance minister said that India has become the fastest-growing major economies in the world. India will also become a top 3 economic power in next 10-15 years.

According to Finance Minister Nirmala Sitharaman, India has one of the world’s fastest-growing major economies and is predicted to rank among the top three economic powers in the next 10 to 15 years.

According to a PTI report, Sitharaman noted that the outlook for the world economy is still dim and that the Indian economy is not immune to the effects of these developments. 

On Friday in New Delhi, she spoke at a conference on US-India Business and Investment Opportunities.

According to Sitharaman, India has established a growth trajectory that is aided by factors such as the south-west monsoon, which is above average, public investment, healthy corporate balance sheets, positive consumer and business confidence, and the waning COVID-19 pandemic danger.

Later, Nirmala Sitharaman added PM GatiShakti and Production Linked Incentives to her list of essential government programs that have contributed significantly to the expansion of the economy. production-linked incentive for her.

The Finance Minister said,

“We acknowledge that foreign capital flows play a critical role in India’s success story. 

The Foreign Portfolio Investor (FPI) regulations have undergone significant changes, including simplification and rationalization, an increase in the total amount of foreign investments allowed.

The introduction of the Common Application Form (CAF) for FPI registration, and the opening of new debt investment channels like the Voluntary Retention Route (VRR) and Fully Accessible Route (FAR).”

She referred to the regular investment flows that enter India via the FPI channel as evidence of the effectiveness of these policies. 

The leading source country for FPI investment in India is the USA, according to the finance minister, who was speaking about the country’s contribution to FPI investment in India. 

On September 30th of this year, it had USD 234 billion in Assets Under Custody (AUC) for FPIs from the USA.

“We have a compelling tale about digital public goods (DPG) to share with the world today. Modern FinTech companies are mushrooming in number, which is good for the economy. Compared to the global average, India’s adoption rate of fintech is the greatest “She spoke.

India’s growth and development during the coming ten years will be significantly influenced by the country’s expansion of its digital infrastructure. 

Nirmala Sitharaman furthered this point by bringing up the nation’s digital economy, which has been established on the backs of more than a billion bank accounts, a billion mobile phones, and a billion Aadhaar (digital identities).