New Delhi: Warren Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway, is very excited about the prospects of investment in India. He wants to think afresh on this, because India is now on its way to becoming a 5 trillion dollar economy and the third largest economy in the world.
In the last ten years, under the visionary leadership of Prime Minister Narendra Modi, the country has made good progress in all economic parameters. India is now the fifth largest country economically with a GDP of about $3.7 trillion (estimated FY 2023-24). A decade ago, India was the 10th largest economy with a GDP of $1.9 trillion (current market value).
Read- ‘The Congress leader who goes to Ayodhya Ram temple…’, PM Modi targeted, also lashed out at the state government in Andhra Pradesh rally
According to the Finance Ministry, “Many reforms took place in this 10-year journey which have taken the country forward economically.” At his company’s annual meeting on Sunday, Warren Buffett said, “Explore new possibilities in India. “There may be areas here that have not been explored or the opportunities here have not been taken into account.”
He said, “I am sure there are a lot of opportunities in India. The question is whether we have information about them in which we would like to participate.” Buffett is looking for a possible entry into the country. India’s GDP growth is set to reach a new peak. Sectors like manufacturing and automobile have started seeing improvement again and GST collections are reaching new highs.
According to the latest RBI data, India’s GDP growth is showing signs of increasing above the 7 percent recorded during 2020 before the pandemic. According to the latest IMF data, India’s per capita GDP in 2004 was $635. The country’s per capita GDP is expected to increase to $2,850 in 2024, which is 42 percent of $6,770 for its peer countries.
According to an HSBC survey released earlier this month, India’s manufacturing sector grew at a strong pace in April due to strong demand. Moreover, despite global challenges, the country remains the third largest tech startup ecosystem globally with over one lakh startups and over 100 unicorns. (With IANS inputs)
Tags: PM Modi, Pm narendra modi
FIRST PUBLISHED: May 7, 2024, 08:04 IST