Indian Economy News

India fastest growing major economy, soon to become 3rd largest: President of India, Mrs. Droupadi Murmu

  • IBEF
  • October 30, 2024

President of India, Mrs. Droupadi Murmu highlighted India’s position as the fastest-growing major economy, expressing confidence that it will soon become the third-largest economy globally. Speaking at an event in Delhi, she noted the Indian economy's resilience in navigating geopolitical challenges, with a projected tenfold growth by 2047. According to the latest World Bank estimates, India accounted for 16% of global economic growth in 2023, and the economy is expected to expand by 8.2% in the 2023-24 fiscal year. She emphasized the need for attracting private investment to elevate per capita income and sustain high growth levels amid a turbulent global environment.

President of India, Mrs. Droupadi Murmu also underscored the Indian government's commitment to fostering an investor-friendly climate, allowing 100% foreign direct investment (FDI) in most sectors under the automatic route. She praised India for being the third-largest startup ecosystem, following the US and the UK, and urged officers to continuously update their knowledge on advancements in artificial intelligence and related technologies. The president encouraged them to facilitate trade negotiations, create innovative policies, and enhance infrastructure to boost cross-border trade. She acknowledged the critical role of officers in implementing the Goods and Services Tax (GST) system and urged them to strive for excellence, emphasizing that their efforts would significantly impact the welfare of underprivileged communities as India progresses toward becoming a developed nation.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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