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During her address at the Kautilya Economic Conclave, she highlighted that it took 75 years to reach a per capita income of $2,730, but the next significant jump is expected to occur much more rapidly.
Sitharaman emphasised the role of consumption, which comprises over 60% of India’s GDP, pointing out that nearly 43% of the population is under 24 years old. This demographic advantage is seen as a driver for organic consumption growth.
She also discussed the strength of India’s financial system, claiming it is now comparable to global markets, and underscored the importance of nurturing the youth to ensure they are both mentally and physically strong. Additionally, she drew a comparison to China’s growth, noting that the latter benefitted from a favorable global trade and investment climate.
Sitharaman’s message was one of confidence in India’s capacity for sustained economic growth, fueled by innovation and a robust financial framework.
Earlier, the finance minister had stated that India stands out globally in terms of economic growth and will continue to do so for the next few years.”We are much better off than many other countries, even if they are advanced countries. Today they are struggling to grow,” Sitharaman had said. “We are standing out as an economy which is growing at the fastest rate in the last few years, this year and the next few years also, for which we can make predictions.”The economy grew at 8.2% in 2023-24. The Economic Survey 2023-24, tabled in Parliament in July, projected the economy to clock 6.5-7% growth this fiscal year.