Nirmala Sitharaman Reveals India’s Remarkable Journey to Become the World’s Fifth Largest Economy in Just 8 Years

India’s Finance Minister, Nirmala Sitharaman, declared that India continues to be the fastest-growing economy, expanding while other economies are shrinking. She highlighted that India’s second quarter growth rate of 7.6% was the highest in the world. In comparison, India’s GDP growth for the April-June quarter was 7.8%.

Sitharaman pointed out that all developed economies, including the US, Euro Zone, Canada, Australia, and China, are experiencing a contractionary manufacturing Purchasing Managers’ Index (PMI). Meanwhile, India is moving forward and showing significant growth.

She further emphasized that Japan and Germany, the third and fourth largest economies respectively, are contracting, while India’s 7-plus per cent growth is noteworthy. Sitharaman highlighted that all sectors, especially manufacturing, are growing significantly. The Make in India program and Prime Minister Narendra Modi’s schemes have played a crucial role in this growth. The manufacturing sector now contributes 13.9% to the economy, making India the second most sought-after manufacturing destination globally.

Sitharaman also mentioned the growth in Indian exports, with Make in India products being sold in American supermarkets. Additionally, she highlighted positive economic indicators, such as a 21.82% increase in direct tax collection and stable monthly GST collections at Rs 1.6 lakh crore.

Overall, Sitharaman’s statements portray a positive outlook for India’s economy, emphasizing its resilience and growth compared to other global economies.