India’s GDP Doubles in a Decade, Poised for 3rd Spot by 2030: Hardeep Puri

At the 77th Foundation Day celebration of the Institute of Chartered Accountants of India (ICAI), held at Bharat Mandapam, New Delhi, Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri delivered a comprehensive and inspiring address on India’s transformative economic journey over the past decade. He outlined a vision that merges rapid economic growth with inclusive development, policy innovation, and technological modernization—positioning India as a global leader in the coming decades.

India’s Meteoric Rise: From 11th to 4th Largest Economy

“In the past eleven years, India has climbed from being the 11th to the 4th largest economy,” Shri Puri noted. “Our GDP has surged from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025, surpassing Japan and positioning us to overtake Germany by 2030 to become the third-largest economy globally.”

This growth, he emphasized, comes despite significant global disruptions—thanks to bold reforms, disciplined financial management, and the government’s unwavering focus on inclusive welfare schemes and infrastructure development.

Social Transformation on an Unprecedented Scale

Shri Puri shared powerful data illustrating the social impact of economic growth:

• 27 crore Indians lifted out of multidimensional poverty

• 4 crore homes sanctioned under Pradhan Mantri Awas Yojana

• 15.4 crore rural households now have piped water under the Jal Jeevan Mission

• 70 crore individuals covered under Ayushman Bharat with ₹5 lakh health insurance per family

• 16.5 crore LPG connections delivered under Pradhan Mantri Ujjwala Yojana, empowering women and improving public health

“Each rupee of tax translates into LPG for mothers, medicine for the poor, electricity for villages, and jobs for youth,” he remarked, reinforcing the government’s commitment to inclusive governance.

A Modern, Investor-Friendly Business Landscape

Shri Puri credited landmark policy reforms for India’s sustained economic ascent:

• Foreign Direct Investment (FDI) inflows totaled USD 748 billion (2014–2025)—a 143% jump over the previous decade

• FDI source countries increased from 89 to 112

• Major structural reforms include:

  • Goods and Services Tax (GST)

  • Insolvency and Bankruptcy Code (IBC)

  • Production Linked Incentive (PLI) schemes

  • Elimination of over 25,000 compliances and 1,400 obsolete laws

  • Direct Benefit Transfers (DBT) promoting transparency and efficiency

These reforms have created an environment conducive to entrepreneurship, global investment, and industrial expansion.

Tax and Banking Reforms: Anchoring Economic Integrity

India’s tax base has expanded dramatically:

• Income Tax Returns filed rose from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25

• 95% of returns processed within 30 days, reflecting administrative efficiency and digital adoption

In the banking sector, the transformation is equally significant:

• Gross NPAs of Scheduled Commercial Banks fell from 14.58% in FY 2017–18 to below 3% in FY 2024–25

• Financial sector reforms have restored investor confidence, boosted credit availability, and strengthened the fiscal foundation.

India’s Digital Surge: UPI and Fintech Leading the Way

The digital economy has become a cornerstone of India’s growth:

• Unified Payments Interface (UPI) now processes nearly 50% of global real-time digital transactions

• Over 500 million active UPI users

• Fintech adoption in India stands at 87%, surpassing the global average of 67%

• This surge has been enabled by Aadhaar-based digital identity, mobile penetration, and innovative digital infrastructure

“Our fintech revolution is not only connecting people to markets but also to governance,” Shri Puri remarked.

Oil & Gas Sector: Performance and Public Service

Shri Puri also highlighted the achievements in the oil and gas sector:

• Market capitalization of Oil & Gas PSUs has nearly doubled to ₹8.79 lakh crore since 2014

• The success of Ujjwala Yojana showcases how energy access can directly improve public health, gender equity, and livelihood security

Future-Ready Financial Professionals: Embracing AI & Analytics

Addressing ICAI members, Shri Puri urged chartered accountants to embrace artificial intelligence, automation, and advanced analytics to evolve from compliance-focused roles to strategic advisors and data interpreters.

“Embracing AI is no longer optional—it’s essential to remain relevant, competitive, and innovative,” he said, emphasizing the need to future-proof the accounting profession.

Call to Action: Building Viksit Bharat by 2047

As India approaches the centenary of independence, Shri Puri concluded with a compelling message:

“Transparency, efficiency, and accountability are the pillars of Viksit Bharat. Chartered accountants hold the key to our economic integrity. Your profession can protect, power, and sustain the nation.”

The event commemorated ICAI’s 77 years of service to the nation and its growing global footprint in financial stewardship. The Minister’s address reaffirmed the centrality of the financial community in nation-building, policy execution, and economic resilience.