Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
India can aim to become a $7-trillion economy by 2030, according to a Finance Ministry report released on Monday said. The report also expects GDP growth in the next fiscal (FY 2024-25) at close to 7%. In the preface to the report, Chief Economic Advisor, V Anantha Nageswaran, writes that it now appears very likely that the Indian economy will achieve a growth rate of or above 7% in FY24, and some estimate that it will achieve another year of 7% real growth in FY25 as well.
“If the prognosis for FY25 turns out to be right, that will mark the fourth year post-pandemic that the Indian economy will have grown at or over 7%. That would be an impressive achievement, testifying to the resilience and potential of the Indian economy. It augurs well for the future”, he said.
The report, being considered a mini Economic Survey, shows all the positive developments and challenges. It lists skilling, learning outcomes, health, energy security, reduction in compliance burden for MSMEs, and gender balancing in the labour force as priority areas for future reforms. Additionally, “under a reasonable set of assumptions with respect to the inflation differentials and the exchange rate, India can aspire to become a $7-trillion economy in the next six to seven years (by 2030),” the report said.
This would be a significant milestone in the journey to delivering a quality of life and standard of living that matches and exceeds the aspirations of the Indian people. It highlighted that the strength of domestic demand has driven the economy to a 7% plus growth rate in the last three years. The robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last 10 years.
The supply side has also been strengthened with investments in infrastructure – physical and digital – and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country. Accordingly, “in FY25, real GDP growth will likely be closer to 7%,” the report said.
Also Read : No Econ Survey, but Fin Min's review report shows FY25 GDP growth may be close to 7% Road ministry to build 50,000 km of new, access-controlled, expressways
Juniper Green Energy and Envision Energy have formed a strategic partnership to develop a 300-MW win...
Mid Corporate 20-Feb-2024
✔️ AM/NS sues India over raw material import restrictions.✔️ Claims ₹500 crore annual impact on oper...
Business 13-Mar-2025
Odisha land problems halt AMNS's ₹60,000 crore steel plant.Andhra Pradesh project&nbs...
Large Corporate 06-Jun-2025
The mines ministry has requested the Jharkhand government to sell 10 mineral blocks, including a gol...
Raw Material 15-Jul-2024
Jindal Stainless plans to divest its entire 26% ownership in Jindal Coke by September of this year....
Large Corporate 03-Apr-2024
✅ India faces risks of steel and aluminium dumping due to US tariff changes.✅ Industry calls for p...
Business 04-Apr-2025