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India’s target to become developed economy by 2047- Finance Minister Nirmala Sitharaman.
Union Finance Minister Nirmala Sitharaman said that the current global upheaval will have a limited impact on India’s GDP growth. He said that India is capable of tolerating external pressure and dealing with trade-energy imbalance.
Sitharaman said that India’s target is to become a developed economy by 2047. A growth rate of 8% is needed to achieve the goal of ‘developed India’. The Finance Minister said this while inaugurating the fourth Kautilya Economic Conclave (KEC) in New Delhi on Friday (3 October).
Domestic Factors, the backbone of India’s economic growth
Sitharaman said that the backbone of India’s economic growth is domestic factors. He said that the world is going through a period of uncertainty and instability. Which she considers a temporary change rather than a temporary disorder.
India’s target to become a developed economy by 2047
Sitharaman said that India’s target is to become a developed economy by 2047. Also to strengthen self -reliance. However, he clarified that self -sufficiency does not mean moving towards a close economy. A growth rate of 8% is needed to achieve the goal of ‘developed India’.
The Reserve Bank of India (RBI) has increased the country’s GDP growth from 6.5% to 6.8% in the recent MPC meeting.

The Finance Minister said that the global system is changing the global system and the International Institutions are now losing the trust of the World Community. Referring to the recent G20 meeting, he said that experts discussed the need to improve these institutions to restore global stability.
He also said that international rules are being written afresh and the challenges that come up are very big. New global balance will have to be made keeping in mind many factors. Sitharaman also said that issues such as low investment and unstable energy price are increasing uncertainty in the global economic environment.
Kautilya Economic Conclave will run till 5 October
This year, the theme of Kautilya Economic Conclave is’ Looking for prosperity in the turmoil. This time, many experts including 75 foreign foreign representatives from more than 30 countries are participating in KEC. This conclave will end on 5 October. It will conclude it will conclude Union Foreign Minister S Jaishankar.
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