Economy Has Grown From 10th To 5th Largest In The World: Finance Minister

Presenting the Narendra Modi-led government’s last full budget before the next general elections, Finance Minister Nirmala Sitharaman in her speech to the Parliament today said Indian economy has grown from 10th to the 5th largest in the world in the last nine years, and per capita income of Indians has more than doubled.

Indian economy is on the right track, and is heading towards a bright future, she said while beginning her speech on the Union Budget for the financial year 2023-24, adding that the world has recognised Indian economy as a “bright star”.

Current year economic growth has been estimated to be at 7 percent, highest among major economies, she pointed out, and also claimed the G-20 presidency gives us a unique opportunity to strengthen India’s role in world economic order.

“This is the first Budget of Amrit Kaal,” Ms Sitharaman said in her opening remarks, referring to the Modi government’s “New India” mantra. 

She also announced the setting up of an Agriculture Accelerator Fund to encourage agri startups.

A digital public infrastructure will be built that will help develop a farmer-centric solution for crop planning and storage, the Minister said.

For the coming fiscal year, she enumerated seven priorities: “Inclusive development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector.”