India surpassed UK, will be in top three economies in next 10-15 yrs: Sitharaman

While speaking at the US-India Businesses and Investment Opportunities, she also pointed towards the challenging global economic outlook and said India is not insulated from the impact of global economic developments. Despite the global challenges, India continued to follow the path of growth with the help of the above-normal south-west monsoon, public investment, strong corporate balance sheets, upbeat consumer and business confidence, and the receding threat of the Covid pandemic.

“India has emerged as one of the fastest-growing major economies in the world. It 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.

PM Gati Shakti and PLI scheme key schemes in boosting economy

Later, Nirmala Sitharaman also mentioned PM GatiShakti and Production Linked Incentives as the government’s key schemes that have played an important role in boosting the economy. She Production Linked Incentive.

“We recognise foreign capital flows as a vital component of India’s growth story. Key reforms include simplification and rationalisation of the Foreign Portfolio Investor (FPI) regulations, increase in aggregate foreign investment limit, the introduction of Common Application Form (CAF) for registration of FPIs, and the opening of new channels of debt investments like the Voluntary Retention Route (VRR) and Fully Accessible Route (FAR),” she said.

She called the consistent investment flows entering India through the FPI route a reflection of the success of these measures. Talking about the USA’s contribution to the FPI investment in India, Finance Minister informed that it is the top source country of FPI investment in India. Its Asset under Custody (AUC) of FPIs from the USA reached USD 234 billion on 30 September this year.

“Today, we have a powerful story on Digital Public Goods (DPG) to tell the world. The economy is seeing an exponential increase in new-age FinTech firms. India has the highest FinTech adoption rate as compared to the global average,” she said.

India’s expansion in terms of digital infrastructure will play a major role in India’s growth and development in the next decade. Validating this point, Nirmala Sitharaman also mentioned the digital economy of the country which has been built by leveraging the foundations of over a billion bank accounts, a billion mobile phones, and a billion digital identities (Aadhaar).

(With inputs from PTI)