Reforms, innovation drive India's global economic rise: Amitabh Kant

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Posted by NewAdmin on 2025-03-25 09:12:57 |

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Currently the fifth-largest economy in the world, India's growth story is one of resilience, innovation, and strategic reforms, positioning the country to surpass Germany and Japan by 2027.According to the International Monetary Fund (IMF), 75-80 per cent of the world's growth this year will come from the Global South, with India and Indonesia at the forefront of this surge.

"If the world has to grow rapidly, as per the IMF, 75-80 per cent of growth this year will be coming from the Global South," Kant said at an event organized by the Association of Mutual Funds in India (AMFI).Kant highlighted that India's transformation in just a decade from being labelled one of the "Fragile Five" by the IMF to becoming a global economic powerhouse has been remarkable.

This shift has been driven by a series of bold structural reforms, including the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, the Real Estate Regulation and Development Act (RERA), and initiatives to improve the Ease of Doing Business. These measures have laid the foundation for sustained, competitive growth, Kant said.

He further highlighted India's commitment to financial inclusion as a key enabler of its economic progress. In 2016, only 18 per cent of Indian women had access to bank accounts.

Today, that figure has surged to an impressive 91 per cent, underscoring the country's strides in ensuring financial accessibility.

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