September 14, 2019
India on the right path to become the third largest economy by 2030: PHD Chamber
While appreciating the various dynamic reforms undertaken by the government for the financial markets, manufacturing competitiveness, exports growth and Ease of Doing Business (EODB) to boost the sentiments of the businesses and the markets, Dr D K Aggarwal, Senior Vice President, PHD Chamber said that our economy is on the right path to become the third largest economy in the World economic system by 2030.
Dr. Aggarwal reiterated the importance of financial planning and investments for the socio – economic development and welfare of the country. He stated that while India is currently USD 2.7 trillion economy, through efficient and efficient capital and commodity market investments, India has potential to achieve the desired annual growth of 12-13% of its nominal GDP to reach its target of becoming a USD 5 trillion economy by 2024-25 and becoming the 3rd largest global economy by 2030.
PHD Chamber of Commerce and Industry organized an Annual Convection on Capital Market & Commodity Market in New Delhi today. The objective of the summit was to discuss on ‘India as investment destination for $5 trillion economy’. The dignitaries present at the convention deliberated upon investments in capital market, new products and instruments in capital market and role of commodity market in making India a $5 trillion economy.
Speaking at the conference, Mr. Anand Mohan Bajaj, Joint Secretary, Department of Economic Affairs (DEA), Ministry of Finance (MoF) said that India becoming a $5 trillion economy by 2024-25 has become the vision of each of our citizens and the government is very proactive and positive to achieve the same. One of the most important things is that India needs to maintain its fiscal discipline and the country has seen big reforms in various sectors of the economy such as Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), among others.
Mr Sanjay Aggarwal, Vice President, PHD Chamber expressed the importance of Capital market investments for a fuller economic growth while stating that an efficient capital market is a pre-requisite for economic growth and development of the country.
He said that capital market has to be the major vehicle for achieving a USD $5 trillion economy by 2024-25, the money has to be raised in the markets through the pool of savings in the country which has to channelized properly towards actual growth or building productive assets.
Mr Rishi Nathany, Head – Business Development & Marketing, Multi Commodity Exchange of India Ltd (MCX), Mumbai said that PM’s vision of ‘Make in India’ is a big step towards making India a $5 Trillion economy. The primary & secondary sectors’ growth is not only the key factors, but also tertiary sector has to be enabled to help this growth.
The conference was also graced by Mr Hari K, Chief Business Officer, National Stock Exchange of India Ltd, Mumbai ; Mr V Balasubramaniam, Managing Director & CEO, India International Exchange IFSC Ltd; and Mr. Aliasgar Mithwani, Chief General manager, SEBI, Mumbai, among others.