Ambitious Goal
Chief Economic Adviser Nageswaran to brief parliamentary panel on $5-tln economy roadmap
This story was originally published at 20:53 IST on 10 December 2024
Register to read our real-time news.Informist, Tuesday, Dec. 10, 2024
NEW DELHI – Chief Economic Adviser V. Anantha Nageswaran will give the Parliamentary Standing Committee on Finance a briefing on Dec. 19 on the government's roadmap to achieve the ambitious goal of making India a $5 trillion economy amidst the global economic and geopolitical turmoil.
In January, Finance Minister Nirmala Sitharaman had said at the Vibrant Gujarat Summit that India's GDP would touch the $5 trillion mark by the financial year 2027-28 (Apr-Mar), making it the world's third-largest economy. Earlier, the government had outlined a plan in 2018 to make India a $5 trillion economy by FY25. Currently, India is the world's fifth-largest economy after the US, China, Japan, and Germany. India is projected to surpass Germany and Japan by FY28.
The Parliamentary Standing Committee on Finance has selected 22 subjects for examination in FY25. Reviews of the performance of the Securities and Exchange Board of India and the Indian banking and insurance sectors are among them. Some of the other subjects listed by the committee for examination include tax reforms and a review of the long-term public finances and debt at the central and state levels.
Led by Bharatiya Janata Party lawmaker Bhartruhari Mahtab, the committee consists of 31 members, with 21 from the Lok Sabha and 10 from the Rajya Sabha. Former finance minister P. Chidambaram is among them. The committee examines matters related to the finance ministry as well as the Ministry of Corporate Affairs, NITI Aayog, and the Ministry of Statistics and Programme Implementation. Among the subjects on the standing committee’s agenda are a review of non-banking financial companies, gaps in their regulation, and the way forward for them.
The committee will also undertake a performance review of the National Statistical Commission, the NITI Aayog's role in appraising the performance of central government schemes and programmes and preparing roadmaps for different sectors of the economy, and the Reserve Bank of India’s “evolving role in India’s dynamic economy” during the current financial year.
Other organs of the government whose performance will be reviewed include the National Bank for Agriculture and Rural Development and the Small Industries Development Bank of India. End
US$1 = INR 84.85
Reported by Kuldeep Singh
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
