Indian Economy Size Increases to 5th Largest From 10th Largest in World: FM Sitharaman

"We have significantly improved our position as a well-governed and innovative country with a conducive environment for business as reflected in several global indices and have made significant progress in many Sustainable Development Goals: FM."

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New Delhi: The Indian economy has increased in size from the 10th to 5th largest in the world in the past nine years, said Union Finance Minister Nirmala Sitharaman on Wednesday during the budget speech. Highlighting the numerous achievements of the Narendra Modi government since 2014, the minister said that the per capita income has more than doubled to Rs 1.97 lakh.

She further emphasised the mantra of "leaving no one behind" of the government, and said, "We have significantly improved our position as a well-governed and innovative country with a conducive environment for business as reflected in several global indices and have made significant progress in many Sustainable Development Goals." ()

Noting that the economy has become a lot more formalized, the Union Finance Minister stated that this is reflected in the EPFO membership of more than doubling to 27 crore. "In addition, 7,400 crore digital payments of Rs 126 lakh crore were made through UPI in 2022." ()

She also highlighted some other government achievements and said that 1.7 crore household toilets under the Swachh Bharat Mission, 9.6 crore LPG connections under Ujjawala, 220 crore Covid vaccination of 102 crore persons, and 47.8 crore PM Jan Dhan bank accounts.

"Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana, and cash transfer of Rs 2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi," the Finance Minister said. Sitharaman started her speech in the Parliament on Wednesday wherein she termed the Budget the "first budget in Amrit Kaal".

"This is the first budget in Amrit Kaal. We envision a prosperous and inclusive India," Sitharaman said starting the Budget speech, adding, "Despite a time of challenges, the Indian economy is heading towards a bright future."Sitharaman, before presenting the Union Budget met the President on Wednesday at the Rashtrapati Bhavan following a Union Cabinet meeting headed by Prime Minister Narendra Modi.

The budget session that began on Tuesday with the President`s address will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers. This budget will be the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections.