Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Tuesday outlined India’s remarkable economic transformation over the past eleven years, crediting bold policy reforms, robust governance, and far-reaching social welfare measures for propelling the country from the world’s eleventh largest economy in 2014 to the fourth largest today.
Addressing the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) at Bharat Mandapam in New Delhi, Puri noted that India’s GDP has more than doubled, from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025. He said India has recently surpassed Japan and is on track to overtake Germany by 2030 to become the world’s third-largest economy.
Reflecting on a decade of extensive welfare programmes, the Minister highlighted that over 27 crore citizens have been lifted out of multidimensional poverty, nearly four crore homes have been sanctioned under the Pradhan Mantri Awas Yojana, and more than 15 crore rural households now have access to piped drinking water through the Jal Jeevan Mission. Health coverage under Ayushman Bharat now benefits over 70 crore people, providing ₹5 lakh insurance per family each year.
Puri also underscored India’s ability to attract foreign investment, citing USD 748 billion in foreign direct investment inflows between 2014 and 2025—an increase of 143% over the previous decade—and the rise in source countries from 89 to 112. Landmark economic measures such as the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, Goods and Services Tax, and Direct Benefit Transfers, along with the removal of over 25,000 compliances and 1,400 outdated laws, have further strengthened India’s business environment.
The Minister pointed to significant improvements in tax administration, with the number of annual income tax returns filed more than doubling from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25. He noted that 95% of these returns are now processed within 30 days, helping ensure that every tax rupee translates into social benefits such as LPG connections for households, medicines for the underprivileged, rural electrification, pensions for senior citizens, and jobs for the youth.
Highlighting the resilience of India’s banking sector, Puri said gross non-performing assets of scheduled commercial banks have fallen from 14.58% in FY 2017–18 to below 3% in FY 2024–25. He also noted that India’s digital economy continues to expand rapidly, with the Unified Payments Interface (UPI) handling nearly 50% of the world’s real-time digital transactions and serving over 500 million active users. India’s fintech adoption now stands at 87%, compared to a global average of 67%, driven by widespread access to digital identity and mobile connectivity.
Among flagship initiatives, the Minister lauded the success of the Pradhan Mantri Ujjwala Yojana, which has delivered more than 16.5 crore LPG connections since 2014. This has empowered women, improved health by reducing indoor air pollution, and enhanced public welfare. The Oil & Gas sector’s robust growth was reflected in the doubling of the market capitalization of Public Sector Undertakings (PSUs) to ₹8.79 lakh crore since 2014.
Looking ahead, Puri urged chartered accountants to embrace new technologies such as artificial intelligence and advanced analytics to automate routine tasks and focus on delivering strategic insights. “Embracing AI is no longer optional—it is essential for staying competitive and innovative in today’s evolving financial world,” he said.
Puri called on the ICAI community to uphold the values of transparency, efficiency, and accountability as India advances towards its goal of becoming a developed nation by 2047. “On this special day, remember that your profession has the power to protect and sustain our economy. Your dedication is vital for building Viksit Bharat,” he said.
from National https://ift.tt/Xew9qgM