$5 tln Economy
Parliamentary fin panel modifies $5 tln econ subject in agenda to "growth"
This story was originally published at 20:42 IST on 26 December 2024
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NEW DELHI – Parliament's Standing Committee on Finance has modified one of its subjects for examination in the financial year 2024-25 (Apr-Mar), the Lok Sabha secretariat said Thursday. The revised subject is 'roadmap for Indian economic growth'. The corresponding earlier subject was about the roadmap to make India a $5 trillion economy.
"The Standing Committee on Finance (2024-25) have modified the subject, 'Roadmap for $5 trillion economy in light of global economic and geopolitical circumstances' which is under examination of the Committee as 'Roadmap for Indian economic growth in light of global economic and geopolitical circumstances'," Lok Sabha Secretary General Utpal Kumar Singh said in a statement.
The roadmap for the $5 trillion economy was amongst 22 subjects the committee had listed for FY25. It held a review meeting on this subject on Dec. 19, where it was briefed by the government's Chief Economic Adviser V. Anantha Nageswaran. According to a committee member, Nageswaran highlighted agriculture, micro, small, and medium enterprises, and the unorganised sector as areas on which the government has been focusing to achieve a $5-trillion economy.
The chief economic adviser made a presentation to the panel that lasted more than an hour on how the government was focusing on achieving a $5 trillion economy, another member of the committee said. Both members pointed out that the construction industry was one of the highest employment generators in the country, as per the presentation. The panel is likely to call Nageswaran again for a briefing on the subject in January.
In January, Finance Minister Nirmala Sitharaman had said at the Vibrant Gujarat Summit that India's GDP would touch the $5 trillion mark by FY28, making it the world's third-largest economy. Earlier, in 2018, the government had outlined a plan 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. It is projected to surpass Germany and Japan by FY28.
Led by Bharatiya Janata Party lawmaker Bhartruhari Mahtab, the parliamentary Standing Committee on Finance has selected 22 subjects for examination in FY25, including reviews of the performance of the Securities and Exchange Board of India and the Indian banking and insurance sectors. Some of the other subjects listed by the committee for examination are tax reforms and a review of the long-term public finances and debt at the central and state government levels. End
US$1 = INR 85.26
Reported by Kuldeep Singh
Edited by Rajeev Pai
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