Finance Minister Nirmala Sitharaman says India will see the steepest rise in living standards in the upcoming decades. Addressing the 3rd edition of the Kautilya Economic Conclave, she said it would be a defining era for Indians.
Sitharaman highlighted that India will achieve a near doubling of per capita income in the next five years. This would be followed by the steepest rise in living standards, brought about by the structural reforms undertaken by the government, of the common man.
The finance minister pointed out that it took India 75 years to reach a per capita income of USD 2,730 per IMF projections, and it will take only five years to add another USD 2,000. She said India is working to double its per capita income for its population of 1.4 billion.
According to Deloitte’s ‘India Economic Outlook August 2024’, India started 2024 with a big bang with 8.15 percent year-over-year growth. India’s economy has exceeded global expectations for three years amid global uncertainties. India has been driven by strong domestic demand and continuous government efforts toward reforms and capital expenditure.
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New Era For India 2047
With India set to mark 100 years of independence in 2047, Sitharaman believes it will be the beginning of a new era for the country and its people. India will tout characteristics like that of developed countries.
The minister said that by 2047, as India crosses the 100-year mark of independence from imperial rule, the Viksit Bharat will usher prosperity not just to Indians, but to the rest of the world by becoming central to a vibrant exchange of ideas, technology, and culture.
