India's Ambitious Economic Leap: A New Era of Prosperity

India aims for a historic rise in living standards, with initiatives to double per capita income, enhance financial systems, and foster youthful productivity. Finance Minister Sitharaman asserts this transformation, noting improved income equality and commitment to fiscal discipline, paving the path for a new era of economic prosperity and development.

India is poised to experience an unprecedented rise in living standards, driven by government initiatives and efforts to double per capita income in the coming years, according to Finance Minister Nirmala Sitharaman. The minister highlighted at the Kautilya Economic Conclave the progress in income equality, with the Gini coefficient showing positive trends in both urban and rural areas.

Sitharaman noted that the upcoming decades would be transformative, comparing them to a 'period-defining era' for Indians. She cited projections by the IMF, which suggest that India's per capita income could increase by an additional USD 2,000 within five years. The government aims to double the per capita income for its population, despite global geopolitical challenges.

Focusing on financial stability, Sitharaman emphasized the robustness of India's banking sector, which benefits from improved asset quality, capital adequacy, and profitability. The upcoming budgets would prioritize critical sectors like infrastructure, banking, trade policies, and ease of doing business to ensure sustained growth and prosperity for all Indians.

(With inputs from agencies.)