NEW DELHI: Finance Minister Nirmala Sitharaman vouched on Friday that the upcoming decades will see the steepest rise in living standards for the Indian common man, driven by structural reforms implemented over the past ten years.
Speaking at the 3rd edition of the Kautiliya Economic Conclave, Sitaraman projected that India would nearly double its per capita income within the next five years.
Sitharaman highlighted India’s remarkable economic progress, noting its leap from the 10th to the 5th largest economy globally in just five years.
Next five years critical
“While it took us 75 years to reach a per capita income of $2,730, projections indicate that we will add another $2,000 in just five years,” she said, emphasising the transformative period ahead for the nation.
The Finance Minister also pointed out that this growth will be accompanied by a reduction in income inequality, with the Gini coefficient for rural and urban India showing significant improvements.
“I expect these trends to continue as the benefits of the last decade’s economic and structural reforms become more apparent,” she added.
Looking towards 2047, when India marks a century of independence, Sitharaman envisioned a prosperous India that mirrors the characteristics of developed countries.
She emphasised that a “Viksit Bharat” will not only benefit Indians but also contribute to global prosperity through vibrant exchanges of ideas, technology, and culture.
Additionally, she addressed the resilience of India’s banking sector, citing improved asset quality, enhanced provisioning for bad loans, and low non-performing asset (NPA) ratios as indicators of a robust financial system. Maintaining a healthy financial ecosystem remains a core policy priority, she concluded.
