Mumbai, Sep 18 India's dominance in the global economy is rapidly increasing, and the country's share in global GDP growth will increase to 9 per cent by 2035, up from 6.5 per cent in 2024, M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, said on Thursday.
Addressing the gathering at the annual infrastructure conclave 2025 organised by the National Bank for Financial Infrastructure and Development (NABFID) here, M Nagaraju said that even in an environment of global uncertainty, the country's economy is progressing rapidly and remains the fastest-growing economy in the world.
He further said that the country's economy has been growing at an average annual growth rate of 8 per cent for the past four years, and the most recent quarterly GDP growth was 7.8 per cent, the highest in the last five quarters.
According to the Secretary, India's external sector is also performing well, and the current account deficit in the last quarter was only 0.5 per cent of the GDP.
The country's net services exports are also growing rapidly, and due to all these strong factors, the country can become a developed nation by 2047, the 100th anniversary of Independence.
"This macroeconomic success story sets a solid foundation for our infrastructure ambitions. It tells the world that India's growth is not only resilient but also driven by reforms and prudent policies, making us a key engine of global growth and a potential leader in shaping the post-pandemic global economic order," he noted.
Complementing the economy's strength, Indian banking and the financial sector have emerged as pillars of resilience.
In fiscal year 2024-25, public sector banks have outpaced private sector banks in credit growth. This has never happened before in more than a decade.
Additionally, Non-Performing Assets (NPAs) have fallen below one per cent, and the capital adequacy ratio is also above regulatory standards, indicating that India's banking sector is in strong shape
Overall, these trends point to a strong, adequately capitalised financial system that is well-positioned to meet the aspirations of a developed India.
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