The 29th report on government action based on the observations of the Standing Committee on Finance regarding the Roadmap for Indian economic growth in light of global economic and geopolitical circumstances was presented in the Lok Sabha today. Arun Bharti of LJP (R) presented the report in the Lok Sabha. The Committee noted that amidst a turbulent global economy characterized by geopolitical tensions, India is maintaining robust growth, with real GDP growing by 6.5 per cent in 2024-25, supported by strong domestic demand and investment.
The Committee also highlighted India's position as the fastest-growing major economy, a status that has been reaffirmed by the International Monetary Fund. The Committee further noted that the investment rate must increase to around 35 per cent of GDP from the current 31 per cent to achieve the ambitious growth target of eight per cent annually for at least a decade. In an increasingly fragmented global trade environment, the Committee acknowledged the commendable growth in India's exports, with record high exports of merchandise and services. In response, the government stated that it agrees with the Committee's views. The Committee also recognizes the vital role of Micro, Small, and Medium Enterprises as the backbone of the Indian economy.
