Washington, April 22: India’s Gross Domestic Product (GDP) will increase to US dollars 5 trillion by the year 2025. As per Economic Affairs Secretary Subhash Chandra Garg, India’s economy is growing steadily and and hence India is slated to remain the fastest growing largest economy in the time to come. Looking at its steady growth rate, India will continue to grow at 7.4 per cent in the near future.
Speaking at the 97th meeting of the Development Committee of the World Bank on Saturday, SC Garg said that by strengthening the digitisation, globalisation, favourable demographics and structural reforms of the country, India’s GDP is likely to touch USD 5 trillion. Garg elaborated further and said that steps were being constantly taken to improve India’s economic growth such as connecting 1 lakh gram panchayats under the Bharat Net project through high speed optical fibre network. Internet broadband access has been extended to over 2.5 lakh villages. In addition to this, at least 5 lakh wi-fi hotspots will be set up in villages to cater to the people’s needs. Apart from this, over 470 Agricultural Produce Market Committees (APMCs) have been connected to the electronic National Agriculture Market (e-NAM) in order to provide an unified national market for agriculture things.
Garg attributed the success of Indian economy to the introduction of these reforms and added that the speed with which these were implemented, helped scale India’s GDP. He also said that by 2030, India would be able to transfer all its 40 per cent cumulative installed power capacity from non-fossil fuel based energy resources. Jan-Dhan Yojana, launched in August, 2014, has rapidly expanded banking services for the hitherto deprived sections, he said. Till date, over 313 million bank accounts have been opened and savings of about USD 11.510 billion has been mobilised under the scheme
Pointing to India’s sustained growth, Garg brought to notice to the Goods and Services Tax (GST) launched last year and the benefits reaped through the year. Monthly earnings from GST have crossed USD 12.7 billion since its roll out. Even the customers increased in the current year. Similar to the GST, the government brought about the Jan-Dhan Yojana, launched in 2014. A testimony of the success is the opening of over 313 million bank accounts and savings of about USD 11.510 billion has been mobilised under the scheme. He further added that the financial facilities were also in sync with the Mudra Yojana which was released in April 2015. An approximate of USD 77.66 billion loans had been sanctioned to facilitate over 115 million businesses.