India Poised to Leapfrog Japan & Germany, Projected to Become World’s Third Largest Economy by 2027, says Sushil Kumar Modi at BIMTECH

  • The Member of Parliament and former Deputy Chief Minister of Bihar addressed students and academicians in a discussion on Union Budget 2023 at BIMTECH, Greater Noida.

Saturday, February 11, 2023: Shri Sushil Kumar Modi, Member of Parliament, and former Deputy Chief Minister of Bihar, was present at the BIMTECH, Greater Noida campus to address students and academicians for a discussion on the Union Budget for 2023. He shared that infrastructure focus for a 2.5 multiplier effect, green energy generation with green credit, simplified tax regimes and bridging the digital divide are the focus of this pragmatic budget.

Mr. Modi spoke on the futuristic focus of the budget, its bifurcations and importance of the conjecture of the digital innovation with the growth of the country. He explained that the global macroeconomic environment has provided a unique backdrop and context for the budget. Despite Russia Ukraine conflict, inflation across US and Europe, and mounting sovereign debts globally, India has continued to be a bright spot.

Talking about the focus of the present government being on economic growth, he said that infrastructure has witnessed the highest outlay in a budget since the independence of India. He elaborated on the significance of capital expenditure by describing the multiplier effect, which is 2.7-2.9 times, enabling job creation.

Lauding the bullet train that will commence between Ahmedabad and Mumbai, he said, “India continues to be focused on sustainability by using hydrogen energy for the project by the year 2026. India is the leader of the solar alliance by outlaying Rs 35,000 crores for the transition to green energy and Rs 19,700 crores for the green hydrogen mission.” He also added that India’s use of a 20 per cent ethanol blend in gasoline is preserving up to Rs 30,000Cr in foreign exchange reserves.

He touched upon some of facets of digital inclusion, which has been provided by the government such as, UPI (around 7400 transactions were carried out in a single year with a volume of Rs.1.23 lakh crore), COWIN (providing vaccination certificate) and Digi Locker (around 12 cr people are the same with more than 300 agencies involved). New age reforms like AI, Operating system, central bank digital currency (CBDC) and Bhashini portal are part of the digital push.

In conclusion, he referred to the Union Budget 2023 as a budget for all, citing the inclusive growth of the country’s citizens, which provides holistic takeaways for every section of society. The discussion concluded with optimism since the projection of growth rate places India as the third largest economy leaving behind Japan and Germany by the year 2027.

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