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Business News/ Economy / Focusing on roadmap to make India a $5 trillion economy: Govt
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Focusing on roadmap to make India a $5 trillion economy: Govt

GST, IBC, a significant reduction in the corporate tax rate, the Make in India and Start-up India strategies, and PLIs, among others, will initiate growth of the Indian economy

Minister of state for fnance Pankaj Chaudhary. (ANI Photo/Sansad TV) (ANI)Premium
Minister of state for fnance Pankaj Chaudhary. (ANI Photo/Sansad TV) (ANI)

New Delhi: The government’s roadmap to makinge India a $5 trillion economy comprises measures like focussing on inclusive growth, promoting digital economy, fintech, technology-enabled development, energy transition and climate action, and relying on a virtuous cycle of investment and growth, minister of state for fnance Pankaj Chaudhary said on Tuesday.

Responding to an unstarred question in the Rajya Sabha, Chaudhary said that major reforms like Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), a significant reduction in the corporate tax rate, the Make in India and Start-up India strategies, and Production Linked Incentive Schemes (PLIs), among others, will initiate growth of the Indian economy.

Chaudhury said that the Union Budget 2023-24 has taken further steps to sustain the high growth of India's economy, which include a substantial increase in capital investment outlay for the third year in a row by 33% to 10 lakh crore (3.3% of GDP).

"The Government has also focused on a capex-led growth strategy to support economic growth and attract investment from the private sector, increasing its capital investment outlay substantially during the last three years," Chaudhary said.

"The Central Government’s capital expenditure has increased from 2.15% of GDP in 2020-21 to 2.7% of GDP in 2022-23," he added.

The Central Government has budgeted 13.7 lakh crore, (4.5% of GDP) for 'effective capital expenditure' for 2023-24, Chaudhury said, adding that the strong push by the government is expected to attract private investment and propel economic growth.

According to the IMF's World Economic Outlook, the size of the Indian economy will increase from $3.2 trillion in 2021-22 to $3.5 trillion in 2022-23 and cross $5 trillion in 2026-27.

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Published: 01 Aug 2023, 05:57 PM IST
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