Union Home Minister Amit Shah emphasized the importance of political stability and policy continuity in driving economic reforms and fostering development toward the goal of a ‘Viksit Bharat’ (Developed India) by 2047. Speaking at the annual session of the PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi on Thursday, Shah urged the Indian industry to accelerate its growth during these critical times.
Vision for ‘Viksit Bharat’ by 2047
“Under the visionary leadership of Prime Minister Narendra Modi, we have established a robust policy ecosystem that aims to enhance the size and scale of Indian industries,” Shah stated. He projected that India would become the third-largest economy by 2027 and achieve the status of ‘Viksit Bharat’ by 2047.
Pioneering Sectors and Holistic Development
Shah noted that the government’s proactive policy efforts will position India as a leader in various sectors, including green technology and electric vehicles. “Government initiatives have significantly driven holistic development, providing basic amenities to over 600 million people,” he added.
Encouraging Industry Collaboration
He encouraged industry bodies like PHDCCI to continue offering constructive suggestions, assuring them that the government is committed to taking swift action on their recommendations.
Confidence Among Industrialists
Sanjeev Agrawal, President of PHDCCI, acknowledged the government’s role in instilling confidence among industrialists, stating that this sense of security is vital for progress. “With continuous support from the government and the dynamic efforts of trade and industry, India is on track to become a $5 trillion economy, facilitated by improved ease of doing business,” he said.
Positive Economic Projections
Additionally, Reserve Bank of India (RBI) Governor Shaktikanta Das shared optimistic projections, estimating a real GDP growth rate of 7.2% for FY25. He attributed this to strong fundamentals, rising consumption, and robust investment sentiment, highlighting that India’s growth trajectory remains promising as its fundamental drivers continue to gain momentum.
