Finance Minister Nirmala Sitharaman has backed India’s demographic dividend to drive consumption demand high for the next three decades, as India sets off on a dynamic phase of growth and job creation.
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“The window of demographic dividend will be there with us for the next 30 years,” Sitharaman said on May 17 at the annual business summit of the Confederation of Indian Industries (CII) in New Delhi.
“The fastest-growing economy will continue to remain as the fastest-growing economy for the next few years as well,” Finance Minister added. FM Sitharaman cited projections that made a case for India to contribute 18 percent to the global growth between 2023-2027. A report by S&P Ratings projected India’s consumer market to likely double by 2031, presenting a $2.9 trillion opportunity.
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Policy stability without any flip flops, no corruption, and a strong legal framework were among the factors FM Sitharaman cited that are ensuring India is emerging as a growth leader.
To help sustain this growth and ensure job are created, “India’s manufacturing must increase,” Sitharaman said. “We need to have greater sophistication in our product manufacturing and we also need to see how best this can be given policy support.”
Finance Minister Nirmala Sitharaman said India needs to have greater sophistication in product making, and assess how best the sector can be given policy support, adding that expanding manufacturing will help India achieve its goal of self-reliance.
