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India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany

Vibrant Gujarat Global Summit 2024: India to be 3rd-largest economy by FY28, says FM Sitharaman

<h2>India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany</h2>

Finance Minister Nirmala Sitharaman said on Wednesday exuded confidence that India will become the world's third largest economy worth over USD 5 trillion by 2027-28 and a developed nation by 2047, with GDP touching USD 30 trillion.
India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany.
Sitharaman said during the Amritkal, which will mark 100 years of India's Independence in 2047, emphasis is being given to sunrise industries. Also, the FDI policy of the Narendra Modi Government has helped attract foreign investment, with USD 595 billion coming in the last 9 years.
Also read/watch - <a title="Vibrant Gujarat Summit 2024: Mukesh Ambani says nothing can stop India from becoming a $35 tn economy" href="https://www.editorji.com/business-news/vibrant-gujarat-2024-mukesh-ambani-says-nothing-can-stop-india-from-becoming-a-35-tn-economy-1704871492793">Vibrant Gujarat Summit 2024: Mukesh Ambani says nothing can stop India from becoming a $35 tn economy</a>
"It is possible that we will be the third largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy," Sitharaman said while addressing a seminar of Vibrant Gujarat Global Summit 2024.
Stressing that the people of India have met with the challenges post-COVID and recovery is on a strong footing, she said Gujarat will be the engine of growth in India's march to become a developed economy by 2047.
The state has 5 per cent of India's population but contributes 8.5 per cent to the country's GDP. It is rapidly moving forward at 12 per cent CAGR (annual growth) between 2011 and 2021 against a national average of 10.4 per cent, the Union Finance Minister said.
Sitharaman said India is on track to become an in-house producer of semiconductors, and EV adoption is happening in a big way. All of these are the result of the FDI policy being pursued by the government.
Between April 2000 and March 2023, in 23 years, India has attracted USD 919 billion in foreign direct investment (FDI). 65 per cent of this, or USD 595 billion, has come in the last 8-9 years, Sitharaman said.
"FDI is coming in... where policies bring in greater certainty, convenience, ease of doing business, FDI flows in. Of course, disruptions of higher US Fed rate and other things can divert it elsewhere. But despite that, we have been receiving that kind of flow of the FDI. It is not as if it's coming only for manufacturing, it is coming in the service sector (as well)," she said.
Speaking about financial inclusion, Sitharaman said 80 per cent of people have bank accounts. The number of bank account holders increased to 50 crore from 15 crore in 2014.&nbsp;

Earlier, media reports said the government was considering allowing foreign listings in seven countries initially, including Britain, Canada, Switzerland and the US

Indian companies can go for overseas listing: FM Sitharaman

Earlier, media reports said the government was considering allowing foreign listings in seven countries initially, including Britain, Canada, Switzerland and the US

Finance Minister Nirmala Sitharaman on Friday said domestic companies can now go in for direct listing on foreign exchanges and the International Financial Services Centre (IFSC) in Ahmedabad.
The provisions for direct overseas listing were approved by the government, as part of the Covid relief package announced in May 2020, but the rules in this regard are yet to be notified.
The direct overseas listing will allow Indian companies to access foreign funds on various exchanges overseas.
"A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions. I'm also pleased to announce that the government has taken a decision to enable the direct listing of listed and unlisted companies on the IFSC exchanges.
"So, this is a major step forward. This will facilitate access to global capital and better valuation," Sitharmanan said here.
A senior government official said the rules for direct overseas listing of Indian companies will be notified in a few weeks.
To begin with, Indian companies will be allowed to list on the IFSC, and later, they will be permitted in specified seven or eight foreign jurisdictions, the official said.
Sitharaman made the announcement about the direct overseas listing of domestic companies while speaking at an event to launch a corporate debt market development fund, which is a bailout facility for debt funds.
The facility will act as a backstop facility for specified debt funds during periods of stress in debt markets, and this was announced by Sebi last month. Its function will involve purchasing investment-grade corporate debt securities when debt markets face a crisis.
The move is liely to bolster the confidence of mutual funds and investors in the corporate debt markets while also improving secondary market liquidity in corporate debt securities. SBI Funds Management will serve as the investment manager of the CDMDF.
Existing market norms mandate a domestic firm looking for overseas float make a secondary listing on the domestic equity bourses or first going for domestic float.
Currently, overseas listings by domestically listed entities are carried out through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), which companies like Infosys and Wipro have done.
The new policy could be a shot in the arm for unicorns or startups valued at more than USD 1 billion, and the digital unit of conglomerate Reliance, which is eyeing a US listing after raising more than USD 20 billion from investors, such as KKR, Google and Facebook, among others.
Earlier, media reports said the government was considering allowing foreign listings in seven countries initially, including Britain, Canada, Switzerland and the US.
The Securities and Exchange Board of India (Sebi) had previously recommended a framework within which such direct listing will be facilitated, and it is expected that the Sebi framework will be the basis for future regulation in this area.
Sebi had proposed allowing listings on stock exchanges in ten "permissible jurisdictions" with strong anti-money laundering regulations, including the NYSE, Nasdaq, the LSE and Hong Kong, along with other major exchanges in Japan, South Korea, France, Germany, Switzerland and Canada.
Meanwhile, the corporate debt market development fund will act as a backstop facility for specified debt funds during periods of stress in debt markets, and this was announced by Sebi last month.&nbsp;

Amid Adani row, FM says regulators should be on their toes to keep market stable

She said banks and insurance companies are "not overexposed" to any one company and assured that Indian markets are very well managed by its regulators.

Finance Minister Nirmala Sitharaman has said that regulators Sebi and RBI should always be on their toes to keep the equity market stable and indicated that the Adani stock rout following a Hindenburg report was a company specific issue.
She said banks and insurance companies are "not overexposed" to any one company and assured that Indian markets are very well managed by its regulators.
"I don't want to have any view on it except that the regulators should act, act in time, and act to keep the market stable, act to keep India's regulatory functions at its best, whether it is the Reserve Bank, or SEBI. Sitting in the Finance Ministry, my view would be that the regulators should be always on their toes. And that is where I would comment on what's got to be done," Sitharaman said.
The Minister was replying to a question in an interview to Times Now on whether the Adani group stock rout was just a market activity, or this has happened for just one stock.
The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Budget 2023: mobile phones to get cheaper? Watch FM Nirmala's announcement on customs duty

Her statement read, "The Central government proposed to reduce customs duty on import of certain inputs for mobile phone manufacturing.&rdquo;

Among items that get cheaper are mobile phones, and lithium batteries, Finance Minister Nirmala Sitharaman announced in the Budget 2023 speech.
With a reduction in import duty, mobile phones will be available at cheaper rates, FM said.&nbsp;
Her statement read, "The Central government proposed to reduce customs duty on import of certain inputs for mobile phone manufacturing.&rdquo;
While customs duty on other electronic items such as electric chimneys in kitchens has been increased from 7.5% to 15%.
(With agency inputs)
Also watch:<a href="https://www.editorji.com/india-news/politics/budget-2023-mps-laugh-as-fm-nirmala-slips-up-says-political-instead-of-polluting-watch-her-reply-1675233986789">Budget 2023: MPs laugh as FM Nirmala slips up, says 'political' instead of 'polluting'. Watch her reply</a>

Budget 2023: push for making this special type of diamonds in India. Watch FM Nirmala's plan

The FM said that an IITian will be provided research funds for five years for developing home-grown diamonds.

Finance Minister Sitharaman in her Budget 2023 speech announced a provision of research grant for indigenous diamonds.
She said that an IITian will be provided research funds for five years for developing home-grown diamonds.
"Lab-grown diamonds is a technology and innovation-driven energy-driven sector with high employment potential," the FM said.
Sitharaman's statement read, "The government will provide R&amp;D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports."
She also added that customs duty on lab-grown diamonds would be reduced
Also watch: <a href="https://www.editorji.com/business-news/budget-2023/budget-2023-saptarishi-guide-in-amrit-kaal-fm-nirmala-sitharaman-lists-7-priorities-in-2023-24-1675231670033">Budget 2023: 'saptarishi guide in amrit kaal' - FM Nirmala Sitharaman lists 7 priorities in 2023-24</a>

7 priorities of budget 2023 listed by FM Sitharaman in parliament

Budget 2023: 'saptarishi guide in amrit kaal' - FM Nirmala Sitharaman lists 7 priorities in 2023-24

Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India's independence

Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India's independence

Finance minister Nirmala Sitharaman on Wednesday said that the Budget adopts seven priorities to guide India through the Amrit Kaal.
Sitharaman announced this while presenting the Budget 2023-24 in Parliament.
"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.
Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India's independence.
The finance minister said the seven priorities of the budget complement each other.
Also watch: <a href="https://www.editorji.com/india-news/politics/budget-2023-mps-laugh-as-fm-nirmala-slips-up-says-political-instead-of-polluting-watch-her-reply-1675233986789">Budget 2023: MPs laugh as FM Nirmala slips up, says 'political' instead of 'polluting'. Watch her reply</a>


Budget 2023: ahead of Karnataka elections, watch FM Nirmala's announcement for the state








 


The assistance will provide sustainable micro-irrigation and filling up of service tanks for drinking water


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Ahead of the Karnataka elections, Finance Minister Nirmala Sitharaman announced central assistance of Rs. 5,300 crores for the Upper Bhadra Project in drought-prone central regions of Karnataka.
The assistance will provide sustainable micro-irrigation and filling up of service tanks for drinking water.
Responding to the announcement, BJP MP from Bengaluru South Tejasvi Surya thanked said the project will be a game changer for the state.
"I want to thank PM Modi and FM Sitharaman for the announcement of the over Rs 5,000 cr irrigation project for the Upper Bhadra region of Karnataka. This project will be a game changer for the state," Surya told ANI&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/budget-2023/budget-2023-make-ai-in-india-artificial-intelligence-centres-to-be-set-up-1675233367674">Budget 2023: 'Make AI in India', artificial intelligence centres to be set up</a>

A day after a medical college in Gujarat’s Ahmedabad was renamed after Prime Minister Narendra Modi on Thursday, Telangana Rashtra Samithi (TRS) working president and Industries Minister KT Rama Rao (KTR) took a jibe at Prime Minister Narendra Modi.

'Gandhi ji will be replaced by...': KTR takes a dig at Sitharaman as college gets renamed after PM Modi

The college is run by an education trust of the Bharatiya Janata Party-ruled Ahmedabad Municipal Corporation (AMC) .&nbsp;

A day after a medical college in Gujarat&rsquo;s Ahmedabad was renamed after Prime Minister Narendra Modi on Thursday, Telangana Rashtra Samithi (TRS) working president and Industries Minister KT Rama Rao (KTR) took a jibe at Prime Minister Narendra Modi and Finance minister Nirmala Sithraman.&nbsp;
Expressing his displeasure on Twitter, the Telangana minister said that if Finance Minister Nirmala Sitharaman had her way, she might order RBI to print new currency notes with PM Modi&rsquo;s photo replacing Mahatma Gandhi.
&nbsp;
<blockquote class="twitter-tweet">
LG medical college in Ahmedabad renamed as Narendra Modi medical college! Already Sardar Patel stadium has been renamed as Narendra Modi stadium If FM Nirmala Ji has her way, RBI may soon be ordered to print new currency notes where Mahatma Gandhi Ji will be replaced by Modi Ji
&mdash; KTR (@KTRTRS) <a href="https://twitter.com/KTRTRS/status/1570597300548046849?ref_src=twsrc%5Etfw">September 16, 2022</a></blockquote>
&nbsp;
The college is run by an education trust of the Bharatiya Janata Party-ruled Ahmedabad Municipal Corporation (AMC) .&nbsp;
Earlier, the TRS working president KT Rama Rao responded to former Jharkhand Chief Minister Raghubar Das saying Hyderabad&rsquo;s name will be changed to Bhagyanagar if the BJP comes to power in Telangana.&nbsp;
The Centre has been renaming stations, roads and places for a while now.&nbsp;
With PTI Inputs
ALSO WATCH: <a title="PM Modi in Uzbekistan for SCO summit: what to expect" href="https://www.editorji.com/india-news/pm-modi-in-uzbekistan-for-sco-summit-what-to-expect-1663291510423">PM Modi in Uzbekistan for SCO summit: what to expect</a>

Finance Minister Nirmala Sitharaman hit out at Delhi Chief Minister Arvind Kejriwal for giving a "perverse twist" to the debate on freebies, saying the AAP leader's comments are an attempt to create fears in the minds of the poor.
A day after Kejriwal joined the debate on freebies calling for a referendum on spending taxpayers' money on healthcare and education, Sitharaman said that spending on these two has never been called or classified as freebies since Independence and to drag them now into the debate is to give a perverse twist.
"Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies," she told reporters here.
"No Indian government has ever denied them since Independence. So, by classifying education and health as freebies, Kerjiwal is trying to bring in a sense of worry and fear in minds of poor," she said.
In recent days, Prime Minister Narendra Modi has hit out competitive populism of extending "rewaris" (freebies) which are not just wastage of taxpayers' money but also an economic disaster that could hamper India's drive to become Aatmanirbhar (self-reliant).
His comments were seen directed at parties like AAP which have in the run-up to assembly elections in states like Punjab promised free electricity and water, among other things.
Sitharaman said there has to be a genuine debate on the issue and everyone should participate in it.

FM  Nirmala Sitharaman takes on CM Arvind Kejriwal in the 'freebies' debate

FM Sitharaman takes on CM Kejriwal in the 'freebies' debate

The freebies fight: FM takes on Delhi CM

&nbsp;"Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies.": FM

Finance Minister Nirmala Sitharaman hit out at Delhi Chief Minister Arvind Kejriwal for giving a "perverse twist" to the debate on freebies, saying the AAP leader's comments are an attempt to create fears in the minds of the poor.
A day after <a href="https://www.editorji.com/india-news/will-bjp-declare-amit-shah-as-gujarat-cm-candidate-kejriwal-asks-1659634186641">Kejriwal</a> joined the debate on freebies calling for a referendum on spending taxpayers' money on healthcare and education, <a href="https://www.editorji.com/business-news/economy/why-is-p-chidambaram-asking-fm-sitharaman-to-take-up-astrology-1657776179722">Sitharaman </a>said that spending on these two has never been called or classified as freebies since Independence and to drag them now into the debate is to give a perverse twist.
<a href="https://www.editorji.com/business-news/economy/why-is-p-chidambaram-asking-fm-sitharaman-to-take-up-astrology-1657776179722">Why is P Chidambaram asking FM Nirmala Sitharaman to take up astrology?</a>
"Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies," she told reporters here.
"No <a href="https://www.editorji.com/india-news/dalit-coin-yatra-returns-as-government-refuses-permission-to-enter-delhi-1660118424673">Indian government</a> has ever denied them since Independence. So, by classifying <a href="https://www.editorji.com/india-news/ugc-new-portal-over-23-000-higher-education-courses-made-free-1659084953138">education</a> and health as freebies, Kerjiwal is trying to bring in a sense of worry and fear in minds of poor," she said.
In recent days, Prime Minister <a href="https://www.editorji.com/sports-news/commonwealth-games-2022/pm-narendra-modi-hosts-indian-commonwealth-games-contingent-1660392858896">Narendra Modi</a> has hit out competitive populism of extending "rewaris" (freebies) which are not just wastage of taxpayers' money but also an economic disaster that could hamper India's drive to become Aatmanirbhar (self-reliant).
<a href="https://www.editorji.com/india-news/will-bjp-declare-amit-shah-as-gujarat-cm-candidate-kejriwal-asks-1659634186641">Will BJP declare Amit Shah as Gujarat CM candidate? Kejriwal asks</a>
His comments were seen directed at parties like AAP which have in the run-up to assembly elections in states like Punjab promised free electricity and water, among other things.
Sitharaman said there has to be a genuine debate on the issue and everyone should participate in it.

The bilateral relationship between India and the US has moved forward and deepened, Finance Minister Nirmala Sitharaman said Friday asserting that post the Ukrainian war, she sees more and more windows of opportunities opening.
Sitharaman was here to attend the annual spring meetings of the International Monetary Fund and the World Bank. During her visit, she also held a host of bilateral meetings and participated in many multilateral meetings. She interacted with several top officials of the Biden administration.
"There is an understanding that India's relationship with the United States has actually moved forward. It's gotten deeper. There is no one questioning that,” she told reporters in response to a question on the bilateral relationship.
"But there is also an understanding, not just the legacy dependence for defence equipments on Russia...that India has legacy issues as much as relationships over several decades. And if anything, I can say with a bit of a confidence there is a positive understanding. It is not a negative understanding,” she said.
"I see more and more windows of opportunities opening, rather than (US) keeping an arm's distance saying you've calibrated your position on Russia doesn't seem like you are getting closer to us. No,” she said during an interaction with a group of Indian reporters in Washington DC at the conclusion of her trip.
Sitharaman explained the developments in the Indo-Pacific region and the recently concluded 2+2 ministerial dialogue, which was topped off by a virtual meeting between Prime Minister Narendra Modi and President Joe Biden.
"Post that my meetings here have gone fairly well and it doesn't seem to ranker people that you've balanced, you've calibrated your position,” she said.
"Also the discussions which are going on the Framework for Indo Pacific Economic Relationship is also gaining quite a lot of traction and PM said he would consider it,” she said.
She said India's relationship with the US is improving each day.
"This recognition that there is a friend, but that friend's geographical location is got to be understood. And a friend cannot be weakened for any reason. Geographical appreciation of where we are located...northern borders being under tension even despite Covid, the western border constantly at odds and sometimes even the equipment's given to meet the terrorist issues in Afghanistan being diverted to hit at us these developments nobody can have an alternative,” said the finance minister.
It is not as if India has a choice to relocate itself, she said. India certainly wants a friendship with the United States. "But if the US also wants a friend, the friend can be a weak friend, the friend should not be weakened. We are taking decisions, we are taking calls, we are taking calibrated position because we need to be strong where we are given the geographical locational realities,” Sitharaman said.

Watch | FM Nirmala Sitharaman on India-US relationship, deepening ties

The bilateral relationship between India and the US has moved forward and deepened, Finance Minister Nirmala Sitharaman said Friday asserting that post the Ukrainian war, she sees more and more windows of opportunities opening.
Sitharaman&nbsp;was in US to attend the annual meeting of IMF&nbsp;and World Bank.
During her visit she held many bilateral meetings.&nbsp;
Sitharaman&nbsp;provided context for the recent developments in the Indo-Pacific region and the recently concluded 2+2 ministerial dialogue which was followed by a virual&nbsp;meeting between PM Modi and US president Joe Biden.
captions:
Sitharaman&nbsp;in US to attend IMF, World Bank meeting
Deepening India-US&nbsp;bilateral relationship: FM Sitharaman
More windows of opportunities opening after Ukraine war: FM
Geographic location of India got to be understood: FM
'India can't relocate itself, wants friendship with US'

Nirmala&nbsp;Sitharaman is in US for World Bank, IMF&nbsp;meetings. Asserts improving relationship between US and India. India's geographical location, legacy key in recent developments

The bilateral relationship between India and the US has moved forward and deepened, Finance Minister Nirmala Sitharaman said Friday asserting that post the Ukrainian war, she sees more and more windows of opportunities opening.
Sitharaman was here to attend the annual spring meetings of the International Monetary Fund and the World Bank. During her visit, she also held a host of bilateral meetings and participated in many multilateral meetings. She interacted with several top officials of the Biden administration.
"There is an understanding that India's relationship with the United States has actually moved forward. It's gotten deeper. There is no one questioning that,&rdquo; she told reporters in response to a question on the bilateral relationship.
Also watch |&nbsp;<a href="https://www.editorji.com/editorji-specials/the-india-story/the-india-story-diplomacy-deep-dive-uk-pm-in-india-fm-in-us-signals-india-is-open-for-business-1650638144463" target="_blank">The India Story | Diplomacy deep dive: UK PM in India, FM in US signals India is 'open for business'</a>
"But there is also an understanding, not just the legacy dependence for defence equipments on Russia...that India has legacy issues as much as relationships over several decades. And if anything, I can say with a bit of a confidence there is a positive understanding. It is not a negative understanding,&rdquo; she said.
"I see more and more windows of opportunities opening, rather than (US) keeping an arm's distance saying you've calibrated your position on Russia doesn't seem like you are getting closer to us. No,&rdquo; she said during an interaction with a group of Indian reporters in Washington DC at the conclusion of her trip.
Sitharaman explained the developments in the Indo-Pacific region and the recently concluded 2+2 ministerial dialogue, which was topped off by a virtual meeting between Prime Minister Narendra Modi and President Joe Biden.
"Post that my meetings here have gone fairly well and it doesn't seem to ranker people that you've balanced, you've calibrated your position,&rdquo; she said.
"Also the discussions which are going on the Framework for Indo Pacific Economic Relationship is also gaining quite a lot of traction and PM said he would consider it,&rdquo; she said.
She said India's relationship with the US is improving each day.
"This recognition that there is a friend, but that friend's geographical location is got to be understood. And a friend cannot be weakened for any reason. Geographical appreciation of where we are located...northern borders being under tension even despite Covid, the western border constantly at odds and sometimes even the equipment's given to meet the terrorist issues in Afghanistan being diverted to hit at us these developments nobody can have an alternative,&rdquo; said the finance minister.
It is not as if India has a choice to relocate itself, she said. India certainly wants a friendship with the United States. "But if the US also wants a friend, the friend can be a weak friend, the friend should not be weakened. We are taking decisions, we are taking calls, we are taking calibrated position because we need to be strong where we are given the geographical locational realities,&rdquo; Sitharaman said.
Also Watch|&nbsp;<a href="https://www.editorji.com/editorji-specials/the-india-story/decoded-nirmala-sitharaman-s-visit-in-washington-bid-to-boost-india-us-trade-ties-1650637495202" target="_blank">Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?</a>

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