I think the Modi government is actually targeting a slightly higher GDP growth rate over a longer period of time, link after the jump.
From CNBC, February 2:
- “Every sector of the economy has seen a significant improvement in the manufacturing processes,” Union Minister for Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw said.
- The government in its interim budget earmarked 11.11 trillion rupees ($133.9 billion) in capital expenditure for fiscal year 2025, an 11.1% jump from the prior year.
- As many as 61% of the 500 executive-level U.S. managers surveyed by UK market research firm OnePoll said they would pick India over China if both could manufacture the same materials.
India could clock up to 8% annual GDP growth for several years as it focuses on boosting its manufacturing capabilities, a key government minister told CNBC on Thursday.
“Every sector of the economy has seen a significant improvement in the manufacturing processes,” Union Minister for Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw said.
He highlighted that manufacturing in electronics, pharmaceuticals, chemicals and defense has seen great advancements and will tie into Prime Minister Narendra Modi’s ‘Make in India’ initiative that encourages companies to manufacture and assemble goods in the country.
His comments came close on the heels of the government’s interim budget that earmarked 11.11 trillion rupees ($133.9 billion) in capital expenditure for fiscal year 2025, an 11.1% jump from the prior year....
....MUCH MORE
November 22, 2023: "India's Economic Odyssey: Crossing the $4 Trillion Milestone, Setting Sights on $7 Trillion by 2030"
That is something like 8.1% compounded for the seven years 2024 - 2030 inclusive.
In other news from India (via the Guardian), February 1:
Flight risk: suspected spy pigeon released after eight months in detention in India
