Finance Minister Nirmala Sitharaman said on Wednesday that India would become the third-largest economy in the world and also cross $5 trillion by FY28.
The inflows from foreign portfolio investors to India had been high, despite the global risks and the high rates maintained by the U.S. Federal Reserve, she said at the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
"Over 50 crore people have been brought into the banking system," Sitharaman said. "Currently, more than 80% of the people in India have bank accounts."
As many as 57 lakh loans have been granted to street vendors in an effort to make ground-level credit easier. A total of 100 billion UPI transactions were carried out in India in 2023, according to Sitharaman.
The country became the third-largest startup ecosystem in the world, she said. "With emphasis on the sunrise industries, India will become an in-house producer of semiconductors."
The Finance Minister also highlighted that in the last nine years, food processing plants have risen significantly in India.
The per capita income of Gujarat is 1.7 times the national average. In the last 10 years, the state has grown at a 12% compound annual growth rate, according to her.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.