Finance Minister Nirmala Sitharaman emphasized the government’s efforts to sustain the current high growth rate while speaking at an event in Kerala. She highlighted India’s potential to lead in the Industrial Revolution 4.0, driven by artificial intelligence, machine learning, and Big Data & Analytics, due to its large young population.
Multilateral bodies like the International Monetary Fund (IMF) and the World Bank have recognized India’s economic prospects for the current fiscal year. Both organizations have projected India to be the world’s fastest-growing major economy in the near future. The IMF predicts growth rates of 7% and 6.5% for the years 2024-25 and 2025-26, respectively, which are significantly higher than the global averages.
The World Bank recently revised its growth forecast for India to 7% for the current fiscal year, up from the initial estimate of 6.6%. Sitharaman mentioned that India’s youth, engaged in research and innovation, could drive the country’s leadership in Industrial Revolution 4.0 by offering innovative solutions.
She also highlighted the PM Internship Scheme aimed at bridging the employability gap for students, particularly those from economically weaker backgrounds. The scheme has received 1,800 internship offers in Kerala from 39 top 500 companies in India.
Sitharaman stressed the importance of financial education from a young age, stating that children should learn how to handle money early on. She emphasized the need to equip individuals with the necessary skills to manage their finances effectively.
