The past few years have seen the Indian economy adopt a number of different economic reforms that are now beginning to bear fruit. The GDP of the economy is expected to hit $5 trillion come the year 2025, and India is set to remain the quickest growing major economy on the planet.
Subhash Chandra Garg, the Secretary of Economic Affairs, spoke at the World Bank’s Development Committee’s 97th meeting, stating that the Indian economy is forecast to grow at around 7.4% in 2018, adding that the growth will record an upward trend for the next few years.
Garg put other South Asian economies into perspective, including Bangladesh, Bhutan, Sri Lanka and Nepal, saying that ours remains the economy recording the most significant growth in the region. He stated that the major structural reforms undertaken towards formalising the economy while promoting digital financial inclusion over the past few years is slowly paying dividends.
Garg added that initiatives like the Insolvency and Bankruptcy code, unblocking of infrastructure investments and recapitalisation of banks in addition to transformational reforms like the implementation of the Goods and Services Tax will support sustained growth.
Speaking at the yearly Spring Meeting of the World Bank and the IMF (International Monetary Fund), Garg revealed that India prioritised to confront its infrastructure deficit in an effort to ensure that economic growth was sustained. As such, it has mobilised funds from several different sources to develop infrastructure.
Garg proudly added that in the digitisation field, India has managed to connect 1 lakh gram panchayats under phase one of the Bharat Net project via high speed optical fibre network, thereby effectively enabling broadband access to more than 200 million citizens residing in 2.5 lakh different villages across the country.
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