New Delhi, June 10 (IANS). The last 12 years have seen vast and profound changes in India’s economy. During this period, there has been significant improvement in economic growth, manufacturing, service sector, export and investment environment. This was said by Nirmal K, President of Industry Organization Assocham. Minda said on Wednesday.
Congratulating Prime Minister Narendra Modi on becoming India’s longest serving Prime Minister, Minda said that under his leadership the country has achieved many important achievements.
Minda said, “The fundamentals of our economy’s growth are performing at par or better than any major economy in the world. The country’s gross domestic product (GDP) is expected to grow from $1.9 trillion in 2013-14 to $4.1 trillion in 2025-26, driven by strong growth in the manufacturing and services sectors.”
He further said that the country’s GDP growth rate has increased from 6.4 percent in 2013-14 to 7.7 percent in 2025-26. Additionally, the performance of the top 10 key indicators related to the economy has also been strong, further strengthening India’s identity as the world’s fastest growing large economy.
The ASSOCHAM President cited several important government schemes and reforms behind this achievement. These include Make in India, Jan Dhan Yojana, Digital India, Skill India, Startup India, Goods and Services Tax (GST), Production Linked Incentive (PLI) Scheme, Green Hydrogen Mission, New Foreign Trade Policy 2023, reforms related to digitalization of logistics and customs and Bharat Industrial Development Plan (BHAVYA).
He said, “Today India has become a shining center in the global economic system.”
At the same time, ASSOCHAM Secretary General Saurabh Sanyal said that there has been significant growth in the manufacturing sector. This sector was in decline by 0.7 percent in 2013-14, while its growth rate is expected to reach 10.7 percent in 2025-26.
He said that the growth rate of service sector has also increased from 7.8 percent to 9.3 percent during the same period.
On the performance of the external sector, Sanyal said that India’s exports have increased from $466 billion in 2013-14 to $860 billion in 2025-26. At the same time, current account deficit has come down from 1.7 percent to 0.6 percent.
He further said that there has also been a big improvement in the investment environment. The Sensex has increased from 22,386 points in 2013-14 to 71,947 points in 2025-26. Similarly, Foreign Direct Investment (FDI) has also increased from $45 billion to $95 billion.
ASSOCHAM Chief Economist Dr. SP Sharma said that the economy has benefited from continuous reforms and structural initiatives.
He also mentioned schemes like Make in India, Jan Dhan Yojana, Digital India, Skill India, Startup India, GST, PLI Scheme, Green Hydrogen Mission, New Foreign Trade Policy 2023, Logistics and Customs Reforms and Bharat Industrial Development Scheme (BHAVYA).
ASSOCHAM said that these policies and reforms have given new impetus to India’s economic progress and further strengthened the country’s position in the global economy.
–IANS
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