New York: Indian Finance Minister Nirmala Sitharaman expressed faith, “India can become a USD 5 trillion economy by the year 2024-25. It is challenging but realisable.” Finance Minister Sitharaman was speaking at a function organised by the renowned University of Columbia in the United States. Nirmala Sitharaman pointed out that the progress of the Indian economy cannot be assessed from the performance over a quarter or two.
The department, ‘School of International and Public Affairs’, of the University of Columbia had organised a lecture by Finance Minister Sitharaman on the subject ‘Indian Economy: Challenges and Prospects’. Sitharaman said that India had set an objective of a $ 5 trillion economy. Till 2014, the Indian economy was only $1.7 Trillion. But after that, in the next five years, the Indian economy has reached a level of $ 2.7 Trillion. The Indian economy achieved an increase of $ 1 trillion, meaning a hundred thousand crore US dollars. Therefore, Sitharaman said that the Indian economy is on track to reach the $ 5 trillion mark by the year 2024 or 2025.
Sitharaman expressed confidence that although challenging, the goal is achievable. For this, India will have to progress at a higher rate, than the average growth rate of 7.5%, over the last five years. At the same time, the inflation rate will have to be kept under 4%. This will increase the spending power of the people and will give an impetus to the economy. The Finance Minister pointed out that it is necessary to increase the rate of investment, along with this. In such condition, India can attain the goal of taking the economy to $ 5 trillion. Sitharaman said that this would bring the Indian economy, which is currently at number seven, the third-largest economy in the world and India will become the financial centre of the world.
The Indian government is committed to bringing all the economic reforms required for the same. Nirmala Sitharaman has indicated that the Indian government will take some crucial decisions on this front, by the end of this year. In the last month, the government offered relief to the industry sector, announcing a tax rate cut. This had a significant positive impact on the economy. Finance Minister Sitharaman clarified in her speech that the Indian government would take decisions to provide an impetus to the economy and increase the speed of the economic reforms program.
Meanwhile, during the speech, Sitharaman strongly justified the decision to repeal Article 370 of the Indian constitution, which grants special status to Jammu-Kashmir. She said that human rights are respected all over the world. However, article 370 denied the human rights to the people of Jammu-Kashmir. Sitharaman brought to notice the fact that if a woman from the state of Jammu- Kashmir married someone from out of the state, she would lose her rights over the ancestral property.