Listing out various scenarios, the agency said that to become a $5 trillion economy by FY30 with per capita income of $ 3,467, the economy would require a real GDP growth rate of 6.25%, GDP deflator growth 3.5% and INR/USD depreciation 3.25%. But to transform to a $5 trillion economy by FY2029 with capita income of $ 3,530, real GDP growth per annum would have to be faster at 8%.
The interim budget serves as a crucial milestone in this journey, aligning with broader goals of sustainability, inclusive development, infrastructure enhancement and fiscal responsibility. It hinges on harnessing the power of women, youth, farmers and innovation for nation s development. The finance minister reminded us that the aspiration of growth must go hand in hand with having adequate financial resources and hence, opening India to more investment from the world is more important than ever for India s growth story to continue.
The truth is that agricultural and manufacturing jobs have fallen since Covid and only low-end, service-sector jobs and uncertain employment in the construction sector have increased