Union Finance Minister, Nirmala Sitharaman today said that the Private sector will play a major role in making India a developed country by 2047. Speaking at a function organised by traders organisation in New Delhi, Ms. Sitharaman called the country’s development a compelling growth story. Quoting different economic observations, she asserted that India will contribute 18 per cent to global growth in the next five years. She also said India’s persistent demographic dividend with lowest dependency ratio for next thirty years will result in the increase in consumption.

 

Stressing on India’s rising capabilities in manufacturing and service sector, the finance minister said the fastest growing economy will continue to grow fastest in coming years.

 

Ms. Sitharaman also claimed that the country’s steady growth is a result of policy stability and absence of flip flops. Highlighting the country’s steps towards green economy, she said that transition to green energy has to be responsibly built-up.