Prime Minister Narendra Modi In his address to the nation on Independence Day, PM Modi had said that the country is on its way to becoming the third largest economy with major reforms in all sectors. After this, Deputy Managing Director of International Monetary Fund (IMF) Dr. Gita Gopinath has said that India will become the third largest economy by 2027. That is, after 3 years, it will become the third largest economy in the world. India is already the fifth largest economy in the world and will soon be included in the top three global economic powers.
India’s growth is better than expected
According to Gopinath, India’s growth during the last financial year (FY24) was much better than expected. Private consumption has increased across all sectors, especially the rural economy. From two-wheeler sales to fast-moving consumer goods (FMCG), overall consumption is on the rise. “With better monsoons comes better crops and agricultural incomes,” he was quoted as saying in a media report.
FMCG market remains strong
On the other hand, despite the challenges, the FMCG market in India remains strong. According to marketing research firm Kantar Worldpanel, the FMCG sector in the rural market may register an annual growth of 6.1 percent in the financial year 2024-25, up from 4.4 percent last year. According to the report, the volume in the rural market may be equal to the urban market, which is currently higher. The rural FMCG market is larger than ever and is generating about half the volume and value for the sector.
Millions of jobs need to be created
Gopinath also said that the country needs to create lakhs of jobs in the next 5-6 years. The IMF has raised the economic growth forecast for the financial year 2025 to 7 percent from 6.8 percent in April. According to RBI Governor Shaktikanta Das, if India’s average growth in the last three years is seen, it comes to 8.3 percent. He has projected a growth of 7.2 percent in the current year.
Input: IANS
Latest Business News
