Skip to main content

India to become third largest economy in next 10 to 15 years: Nirmala Sitharaman

India to become third largest economy in next 10 to 15 years: Nirmala Sitharaman

 India will become the world's third-largest economy in the next 10-15 years, Finance Minister Nirmala Sitharaman asserted on Friday while attending an event with US Treasury Secretary Janet Yellen, who is on a day-long visit to India.

Sitharaman said India has emerged as one of the fastest-growing major economies in the world.

India has recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years, she said.

Earlier in the day, Sitharaman on meeting Yellen noted the importance of the indo-US relationship, saying, “India deeply values its relationship with the US as a trusted partner..."

“Our strong ties have been reinforced, through significant and frequent interactions between Prime Minister Narendra Modi and US President Joe Biden and their commitment towards consolidating a strategic partnership."

During the meeting, both sides discussed issues of mutual interest, including climate finance, multilateral issues, India-US cooperation at G20 under India's presidency, taxation, supply chain resilience, global economy, and macroeconomic outlook.

India-US economic ties are getting stronger and deeper with time. Yellen is in India to participate in the US-India Economic and Financial Partnership.

India to become world's third-largest economy by 2027: Morgan Stanley

Sitharaman's comments come days after a Morgan Stanley report stated, India is set to surpass Japan and Germany to become the world's third-largest economy by 2027.

"Three megatrends--global offshoring, digitalization, and energy transition--are setting the scene for unprecedented economic growth in the country of more than one billion people", Morgan Stanley said in a report.

"India's gross domestic product (GDP) could more than double from $3.5 trillion today to surpass $7.5 trillion by 2031. Its share of global exports could also double over that period, while the BSE could deliver 11 percent annual growth, reaching a market capitalization of $10 trillion in the coming decade," said the report titled 'India's Impending Economic Boom'.

Labels:

Comments

Post a Comment

Popular posts from this blog

Syria Condemns Israeli Incursion into Beit Jinn, Holds Israel Responsible for Escalation

 Syria strongly condemned an Israeli military incursion into the town of Beit Jinn in rural Damascus, denouncing the assault on civilians and their property, which resulted in casualties and widespread panic. In an official statement, the Syrian Ministry of Foreign Affairs described the incursion as a war crime, stating it followed Israel’s failed attempt to target the town. The ministry held Israeli authorities fully responsible for the aggression and its consequences. Syria called on the UN Security Council, the United Nations, and the Arab League to take urgent action to halt repeated violations. It reaffirmed its commitment to defending its sovereignty and people through all means permitted under international law.
Post a Comment
Read more

Israel issues latest forced evacuation order in areas in Khan Younis

  The Israeli army’s Arabic-language spokesperson, Avichay Adraee, has issued the latest forced evacuation order for civilians living in nine areas in Khan Younis, southern Gaza. Adraee said that the army was expanding its operation and “intensifying sudden and concentrated firepower”. The spokesperson called on residents to evacuate westward. So-called Israeli safe zones, including Al-Mawasi in Khan Younis, are routinely attacked despite the army forcing Palestinians to move to those areas.
Post a Comment
Read more

Bombay High Court Restricts Bursting of Firecrackers in Mumbai During Diwali to These Timings

  The festival of Diwali, often referred to as the "Festival of Lights," is celebrated with great enthusiasm and fervor across India. While the tradition of lighting lamps and bursting firecrackers has been an integral part of the festivities, concerns over air pollution and its adverse effects on public health have prompted authorities to regulate the use of fireworks. The Bombay High Court , in a recent decision, has imposed restrictions on the bursting of firecrackers in Mumbai during Diwali, specifying designated timings to minimize the environmental impact. In an effort to strike a balance between celebrating the festival and safeguarding the environment, the Bombay High Court issued a directive that restricts the use of firecrackers to specific time slots. The court's decision is a response to the rising concerns about air quality and noise pollution during Diwali, which often reaches hazardous levels in several Indian cities. These timings aim to strike a balance b...
Post a Comment
Read more