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India on track to move to a US$5 trillion economy by 2024
Commenting on the Indian economy, Ambassador of India Mr. B. Vanlalvawna said that India, the 5th largest economy in the world, remains on track to move to a US$5 trillion economy by 2024. Fundamentals of India's economy remains strong with solid structural reforms, inclusive growth and well-contained inflation. The country has achieved an all-time high accumulation of foreign exchange reserves of US$457.5 billion as of December 2019. He highlighted the budget proposals for the Financial Year 2020-21, which is structured on the theme of “Ease of Living”, presented by the Finance Minister of India on 01 February 2020. The budget allocated US$28.18 billion to 16 action points in agriculture, irrigation and rural development. Allocation for health sector was US$9.72 billion whereas US$13.99 billion was allocated for Education Sector.
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