India is poised to remain the fastest growing large economy in the world and its GDP is expected to reach $5 trillion by 2025 as the economic reforms adopted in last few years have started to bear fruit, a top Indian official said.
Economic Affairs Secretary Subhash Chandra Garg said India will continue to be a beacon of growth in the South Asian region.
In 2018, we expect India to grow at over 7.4%
"India is poised to remain as the fastest growing large economy in the world. In 2018, we expect India to grow at over 7.4%," Garg told the 97th meeting of Development Committee of the World Bank.
Transformational reforms such as GST and initiatives such as Insolvency and Bankruptcy code, recapitalization of banks, and unclogging of infrastructure investments will support such elevated growth, he said.
GDP rise expected by leveraging on digitization, globalization, others
Adding that the country had grown at an average of 7.2% per annum in the last four years, Garg said, "India has undertaken massive structural reforms toward formalization of the economy and fostering digital financial inclusion."
"India's GDP is expected to reach a volume of $5 trillion by FY2025 by leveraging on digitization, globalization, favorable demographics and structural reforms," he added.
In Arun Jaitley's absence, Garg is leading Indian delegation
In Arun Jaitley's absence, Garg is leading the Indian delegation for the annual Spring Meeting of the International Monetary Fund and the World Bank.
India accorded top priority to addressing its infrastructure deficit to sustain economic growth.
Steps have been taken to mobilize funds from various sources for the development of infrastructure which includes, inter alia, launching of innovative financial vehicles, Garg added.
What is the main feature of India's economic performance?
Garg told the World Bank that one of the key features of India's economic performance in recent years has been the speed and scale of implementation of reforms. "Recent upgrade of sovereign rating reflects India's strength, speed, and scale of these ongoing reforms," he said.