NEW DELHI: Indian Union Home Minister Amit Shah voiced optimism on Friday that his country will have the third-largest economy in the world by 2027. The Home Minister urged the industry to increase investments in research and development to elevate MSMEs to a global level while speaking at the PHDCCI’s 118th Annual Session at Vigyan Bhawan in this city. At the outset of his speech, he mentioned the accomplishments of the G20 Summit, Chandrayaan-3, and Mission Aditya L1. He also made mention of the passage of the women’s reservation bill.The Home Minister claimed that “all these events have given the nation new energy.” He claimed that the nation had made significant progress throughout the course of its 75-year history since being independent. According to Shah, the nation’s democratic foundations have grown stronger. According to him, India’s economy ranked 11th in terms of size in 2014. We currently have the fifth-largest economy in the world, but Shah is confident that by 2027, we will overtake China as the second-largest economy in the world.The minister stated that India’s GDP is over $3.75 trillion USD, Rs 10 lakh crore in capital expenditure has been designated for raising expenditure, and the amount of bad debt tax collection is rising while referring to the Modi government’s attempts to build the economy. Shah claimed that the average collection for 2023–2024 was Rs 1.69 lakh crore and that the GST collection in April was Rs 1.87 lakh crore. Shah urged the companies to grow in size and scope and requested that PHDCCI play a significant part in the process, quoting Prime Minister Narendra Modi’s famous phrase, “Yahi Samay Hai, Sahi Samay Hai”. More emphasis on R&D, according to the home minister, will make it possible for enterprises to compete globally. Shah also voiced optimism about India’s future as a global hub for higher education.
