After India overtook the UK to become the world’s fifth-largest economy, External Affairs Minister S Jaishankar said on Saturday the world is looking at India’s economy with great respect. Hailing India’s vast social transformation, he said the country was on course for a 7-8% economic recovery, Trend reports quoting Republic World.
“India has seen a vast social transformation. We are now on the cusp of an economic recovery of 7-8%. The world is looking at our economy with great respect… 800 million people from lockdown to “As of today are receiving food from the government. We don’t have more people dying of hunger than of disease,” said EAM Jaishankar.
He made the remarks while interacting with students from IIM Ahemdabad on various topics regarding India’s foreign policy. Highlighting the indigenous production of COVID-19 vaccines, Jaishankar said, “The fact that we made our own vaccine really resonated and earned us respect across the world. Made in India is largely responsible for upgrading our brand.
“The Minister mentioned that Swacch Bharat and the construction of toilets in India caught the attention of the world as before it was a stain on our image. “The fact that we have built 100 million toilets with visible improvement in sanitation has actually had a big impact overseas. ,” he added.
India’s economy overtakes the UK
In the last three months of 2021, India overtook the UK to become the world’s fifth largest economy. India extended its lead in the first quarter, according to IMF figures. calculated on the basis of the US dollar.
The size of the Indian economy in “normal” cash terms for the 3 months ending March was $845.7 billion, on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter .
Meanwhile, the Indian government has said it expects the economy to grow by 7-7.5% in 2022-23, in line with its projections made at the start of this financial year.
Finance Secretary TV Somanathan remarked: ‘I’m not going to make a more accurate prediction than the RBI… But I say today’s figure in no way throws us off course. nor what was expected and what we continue to expect. It is fully in line with this expectation of around 7 to 7.5% real GDP growth. It’s totally consistent with that.”