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In a bold move aimed at propelling India into the league of global economic powerhouses, Director General of the Confederation of Indian Industry, Chandrajit Banerjee on Thursday said that a $7 Trillion economy is achievable even before 2030.
Reacting to the interim budget for 2024-2025, presented by Union Finance Minister Nirmala Sitharaman, Banerjee said over the last three years, India has seen the budget enabling a strong growth rate in the coming year and much beyond. "One has seen a very strong growth rate of India. Over the last three years, we see the budget enabling a strong growth rate in the coming year and much beyond. We will see a full budget soon. I would see a 7 trillion-dollar economy even before 2030. With this type of focus, we are seeing in India on different sections and the growth itself is a high qualitative growth with the inclusion of a lot of people", he said. Talking about the budget, he said it is a very prudent budget. The market will see a very strong focus on the quality of spending in the budget. He further stated that the quality of spending is pretty much balanced in the budget. "It is a very prudent exercise. I must say it is a very prudent budget. We will see a very strong focus on fiscal deficit and quality of spending in the budget which are very strong indicators coming out from the budget. I also see that the quality of spending especially when you focus on both infrastructural as well as the physical infrastructure is pretty much balanced ", Banerjee said. Talking about foreign investment, he said to ease the budget, a few things have already been done. He said the predictability of taxation came out very strongly. "Few things have been done much before the budget, in terms of how it is easier to do the budget. The predictability of taxation comes out of the budget very strongly. In terms of keeping the chords of the taxes, there would be no rockiness. The second very important part is the fiscal discipline the budget has shown. This itself is a very important area that leads to further traction of India's investment destination when you talk about foreign investments," he said. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. (ANI)
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