Union Home Minister Amit Shah expressed his optimism on Friday that India would secure its position as the world’s third-largest economy by 2027. Speaking at the 118th Annual Session of the PHDCCI at Vigyan Bhawan, he called upon the industry to invest more in research and development to elevate MSMEs to a global standard.
In his address, Shah highlighted significant achievements, including the success of the G20 Summit, Chandrayaan-3, and the Mission Aditya L-1 mission. He also mentioned the passing of the women’s reservation bill, noting that these events had infused the nation with renewed energy.
Shah emphasized India’s 75-year journey since Independence and its numerous accomplishments. He observed that democracy’s roots have deepened in the country, noting that in 2014, India ranked 11th in terms of its economy’s size. Presently, it stands as the fifth-largest economy globally, with Shah firmly believing that India will claim the third spot by 2027.
Discussing the Modi government’s economic strengthening efforts, Shah pointed out that India’s GDP has exceeded $3.75 trillion, with a capital expenditure of Rs 10 lakh crore allocated to boost expenditure and enhance bad debt tax recovery.
He cited April’s GST collection of Rs 1.87 lakh crore and an average collection of Rs 1.69 lakh crore for 2023-24. Drawing on Prime Minister Narendra Modi’s words, “Yahi Samay Hai, Sahi Samay Hai” (This is the right time), Shah urged industries to expand in size and scale, with PHDCCI playing a pivotal role in this endeavor.
The Home Minister emphasized that prioritizing research and development would empower industries to achieve world-class status. Additionally, he expressed his confidence that India would soon become a global education destination.
