India will continue to achieve the highest growth rate among the top five economies of the world in the near future, Finance Secretary TV Somanathan said on Thursday and urged the Indian diaspora to act as a catalyst and complement the government’s efforts in making India the biggest opportunity. asked to make.

India is currently the fifth largest economy in the world. The top four are the US, China, Japan and Germany.

The S&P Global report earlier this month projected that India’s economy would double to US$6.7 trillion by 2031 from US$3.4 trillion at present.

“India is already the fifth largest economy in the world and the largest country by population. India’s growth rate by any measure is much faster than the top four. Today we can safely say that these The growth rate of all four is likely to be lower than that of India in the near future.

In his address at the Indiaspora G20 Forum, Somanathan said, “…in terms of the size of the opportunity, India is arguably the biggest future growth opportunity because we are big and we are growing faster than other large economies.”

The Indian economy grew at 7.2 per cent in 2022-23 and economists have projected GDP growth in the range of 6-6.5 per cent for the current fiscal (April-March).

The Finance Ministry’s top bureaucrat asserted that India is the “most beautiful opportunity in the world” and the extent to which India utilizes this opportunity will depend primarily on India’s domestic policies and domestic population, not on the diaspora.

He said there are three channels through which the diaspora can make an impact – fund flow, trade and knowledge.

“If we do the right things, and we are doing the right things now, you can be a catalyst and a strong accelerator of what India can achieve,” he said. Knowledge transfer will be increasingly important in this phase.

India is the largest country in terms of population and all the challenges are of gigantic size. India is facing challenges and we have the capability to deal with them.

Somanathan said, “You need to be patient with India… We may have a zigzag line to progress, but we will keep making progress.”

In the years to come, investment may be more important than philanthropy, technology transfer may be more important than investment and your knowledge may be more important than money.

Leave a Reply

Your email address will not be published. Required fields are marked *