India fastest growing major economy, likely to become 3rd largest soon: President Murmu

New Delhi, Oct 29: India is the fastest growing major economy and is likely to become the third largest economy soon, President Droupadi Murmu said on Tuesday.

Addressing an event in Delhi, she said the Indian economy had been demonstrating resilience in the face of geopolitical challenges and the country’s economy was likely to grow tenfold by 2047.

“India is the fastest growing major economy and is likely to become the third largest economy soon,” Murmu said.

According to the latest World Bank estimate, India contributed 16 per cent to global economic growth in 2023.

“Our economy is likely to grow tenfold by 2047,” the president said, addressing probationers of the Indian Trade Service and the Indian Cost Accounts Service who had called on Murmu at the Rashtrapati Bhavan.

With a rapid economic growth of 8.2 per cent in 2023-24, the Indian economy has been demonstrating resilience in the face of geopolitical challenges, she said.

India needs to attract private investment to increase per capita income levels and get to continued high levels of growth, even amid a turbulent global environment, Murmu said.

The Indian government has an investor-friendly policy, where most sectors are open for 100 per cent FDI (foreign direct investment) under the automatic route, she said.

“Several initiatives of the government of India are creating an enabling ecosystem for growth. India is the third largest start-up country, only after the US and the UK,” Murmu said.

She also asked the officers to keep learning and updating themselves about the advancement of artificial intelligence and make the best use of related technologies in their functioning to contribute towards increasing India’s global competence.

Murmu said that with the government’s enhanced focus on boosting manufacturing, “it will be your responsibility to facilitate the creation of an enabling environment and infrastructure for increasing trade across borders”.

“You are expected to bring up new dimensions in trade negotiation, create innovative policies and provide new impetus to boost India’s trade. I know that you will live up to the expectations of the country,” the president told the officers.

Murmu said that in the implementation of the GST system, “audits undertaken by you have been instrumental in detecting revenue leakages and enhancing compliance measures”.