India Aims For USD 7 Trillion Economy By 2030 Despite Geopolitical Risks

New Delhi, Jan 30 (KNN) In anticipation of the Interim Budget, a Finance Ministry report on Monday revealed that India's GDP growth for the fiscal year 2025 is expected to hover around 7 per cent despite emerging geopolitical challenges that could impact global inflation and economic output.

The report also expressed India's ambitious goal of becoming a USD 7-trillion economy by 2030.

Typically presented a day before the Union Budget in a normal year, the annual Economic Survey will be tabled in July due to the upcoming elections.

The interim report, titled 'Indian Economy - A Review,' emphasises that India's growth is poised to outpace the global economy in the next fiscal year.

Chief Economic Advisor V Anantha Nageswaran noted in the preface to the report that if predictions for FY25 hold true, it will mark the fourth consecutive year post-pandemic with the Indian economy growing at or above 7 percent.

Acknowledging the government's efforts, the report underscored that reforms, such as the recapitalisation and merger of public sector banks and the enactment of the Insolvency and Bankruptcy Code 2016, have contributed to cleaning up the balance sheets of both banks and corporates.

The focus on a capex-led growth strategy has also yielded positive results, with public sector capital expenditure increasing significantly from Rs 5.6-lakh crore in FY15 to Rs 18.6-lakh crore in FY24.

In summary, despite geopolitical uncertainties, India remains optimistic about achieving robust economic growth and positioning itself as a USD 7-trillion economy by 2030, driven by ongoing reforms and a focus on capital expenditure.

(KNN Bureau)