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S Jaishankar: India Aims For 7-9 Percent Economic Growth For Next 15 Years

© AP Photo / Rajanish KakadeA security guard stands at the entrance of the Reserve Bank of India in Mumbai, India, Oct. 4, 2019.
A security guard stands at the entrance of the Reserve Bank of India in Mumbai, India, Oct. 4, 2019. - Sputnik India, 1920, 18.02.2023
According to an International Monetary Fund (IMF) report published last month, India will be the fastest-growing economy in 2023, with a predicted growth rate of over 6 percent.
Foreign Minister Subrahmanyam Jaishankar has said that India is aiming for a growth rate of 7-9 percent for the next 15 years besides making all efforts to accomplish the target of 7 percent during the current fiscal year.

"We are targeting 7 percent growth this year, but we expect it to improve in the next five years. And definitely, we would stay in 7-9 percent range at least for a decade and a half," Jaishankar said during a public event in Sydney.

"And you can today see the same reflected in the investment climate, both in the flow of FDI (Foreign Direct Investment), FII (Foreign Institutional Investors) as well as in the investments which the government itself is leading the capital outlay in this year's budget," the minister added.

Jaishankar then stated that India was registering the highest number of cashless transactions on the planet.

"If you look at our cashless transactions, the UPI, I think we record the largest number of cashless transactions in the world. So there's been a kind of a technology leapfrogging in the psyche of people, and that's been actually a very big difference," the 68-year-old Bharatiya Janata Party (BJP) politician noted.

Jaishankar also highlighted the fact that the ruling party has used digital payments to improve the lives of ordinary Indian citizens.

He noted that during the peak of the COVID-19 pandemic in India, the authorities transferred money directly into the bank accounts of beneficiaries of government schemes.

"India is trying to demonstrate that the country can construct a social, comprehensive social welfare system, even at the scale of income. And the scale of income is USD 2,000 per capita," Jaishankar elaborated.

During his ongoing visit to Australia, India's top diplomat also met Australian Prime Minister Anthony Albanese and discussed matters concerning the two nations.

Jaishankar revealed that his interaction with Albanese was about the "full spirit of our strategic partnership" before adding that cricket, a sport widely popular in Australia and India, was also part of their discussions.