(*5*)The authorities has been taking steps to make the nation a USD 5 trillion financial system at an early date, Minister of State for Finance Pankaj Chaudhary mentioned.
Chaudhary mentioned, “lower uncertainty in the global economic outlook will help India become a USD 5 trillion-dollar economy earlier”.
The authorities on Tuesday knowledgeable the Rajya Sabha that it’s taking steps to make India a USD 5 trillion financial system sooner than the International Monetary Fund’s forecast yr of 2026-27.
The IMF’s World Economic Outlook earlier mentioned the scale of the Indian financial system will enhance from USD 3.2 trillion in 2021-22 to USD 3.5 trillion in 2022-23 and cross USD 5 trillion in 2026-27.
“The authorities has been taking steps to make the nation a USD 5 trillion financial system at an early date,” Minister of State for Finance Pankaj Chaudhary said in a written reply to the Upper House.
Observing that the outbreak of the COVID pandemic in 2020 and the Russia-Ukraine conflict in 2022 has impacted the world output, increased inflation in several countries and raised uncertainty in the world economy, he said, “lower uncertainty in the global economic outlook will help India become a USD 5 trillion-dollar economy earlier”.
Some of the necessary measures taken by the federal government previously to spice up financial development embrace the making of the National infrastructure pipeline of tasks, push to capital expenditure, implementation of the Production Linked Incentive (PLI) scheme, finalisation of the National Monetization Pipeline of public sector belongings and formulation of National Logistics coverage, he mentioned.
The minister additional mentioned that capital expenditure will probably be sped up by PM Gatishakti for built-in planning of infrastructure and synchronised venture implementation throughout all involved central ministries, departments and state governments.
The Union Budget 2023-24, Chaudhary mentioned, “additional sustains the expansion momentum with a rise in capital funding outlay for the third yr in a row by 33 per cent to Rs 10 lakh crore (3.3 per cent of GDP)”.
The other initiatives to boost the economy include enhanced outlay for PM Awas Yojana, the launch of the Aspirational Blocks Programme covering 500 blocks for saturation of essential government services; an increase in agriculture credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries; and setting up of Agriculture Accelerator Fund to encourage agri-startups by young entrepreneurs in rural areas, among others.
The minister also said that the direct capital investment by the Centre is being complemented by the provision made for the creation of capital assets through grants-in-aid to states.
The ‘effective capital expenditure’ of the Centre is budgeted at Rs 13.7 lakh crore (4.5 per cent of GDP) for 2023-24, he said, adding “the newly established Infrastructure Finance Secretariat will oversee the increase in private investment in infrastructure”.
In order to enhance logistics efficiency, he mentioned, 100 vital transport infrastructure tasks for final and first-mile connectivity for ports, coal, metal, fertiliser, and meals grains sectors have been recognized and will probably be prioritised for growth.
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