“While it took us 75 years to reach a per capita income of $2730, it will take us only five years to add another $2000,” she said. Adding to her point, the finance minister said the Indian market is “well capitalised” to fuel the credit growth.
Focusing on India’s consumption growth, which accounts for more than 60 per cent of the Gross Domestic Product (GDP), Sitharaman said that nearly 43 per cent Indians are less than 24 years of age which is a key factor to say that there will be an organic growth in consumption.
“Our core policy priority is to have the youth mentally strong and physically fit,” Sitharaman added.
The finance minister also drew attention to China’s growth story and said that the nation grew relatively more easily due to a favourable global trade and investment climate.
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Sitharaman said that there is a gradual maturing of innovation across sector in India. This will lead the growth in future. “India’s financial system is at par with global financial markets,” Sitharaman added.
Content Source: economictimes.indiatimes.com