Team siliconindia

• India’s GDP has more than doubled from $2.1 trillion in 2014 to $4.3 trillion in 2025, making it the 4th largest economy, with projections to become 3rd by 2030.
• Bold policy reforms, record FDI inflows, tax digitalisation, and reduced NPAs have strengthened India's financial ecosystem and business environment.
• Social schemes like Ayushman Bharat, Jal Jeevan Mission, and Ujjwala Yojana have uplifted millions, while digital platforms like UPI have accelerated financial inclusion.

India's rapid economic transformation and visionary policy reforms were in sharp focus as Union Minister of Petroleum & Natural Gas Shri Hardeep Singh Puri addressed the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) at Bharat Mandapam, New Delhi. The event celebrated a decade of significant progress marked by economic growth, inclusive development, and digital advancement.

“In the past eleven years, India has risen from the eleventh to the fourth largest economy in the world. Our GDP has more than doubled from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025”, said Shri Puri. He added that India has recently surpassed Japan and is projected to overtake Germany by 2030, becoming the world’s third-largest economy. He attributed this rise to bold policy reforms, sound financial management, and extensive social welfare schemes.

Highlighting key achievements, Shri Puri noted 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 15.4 crore rural households now have access to piped water through the Jal Jeevan Mission. The Ayushman Bharat health scheme, covering over 70 crore individuals with Rs 5 lakh insurance per person, further reflects India’s commitment to inclusive development.

On the investment front, India has witnessed USD 748 billion in foreign direct investment (FDI) between 2014 and 2025 an increase of 143% from the previous decade expanding source countries from 89 to 112. Reforms such as the Insolvency and Bankruptcy Code, Production-Linked Incentive (PLI) schemes, GST, Direct Benefit Transfers, and the removal of over 25,000 compliances and 1,400 obsolete laws have reshaped the business environment.

Shri Puri also pointed to the transformation in India’s tax administration. The number of annual income tax returns grew from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25, with 95% being processed within 30 days. “Each rupee collected funds life-changing benefits LPG connections for mothers, medicines for the poor, pensions for the elderly, and employment opportunities for youth”, he stated.

India’s banking sector has undergone a significant recovery, with gross non-performing assets (NPAs) of Scheduled Commercial Banks declining from 14.58% in FY 2017–18 to below 3% in FY 2024–25. Simultaneously, the digital economy has surged, with the Unified Payments Interface (UPI) now handling nearly 50% of global real-time digital transactions, serving over 500 million active users. Fintech adoption in India stands at 87%, well above the global average of 67%, enabled by Aadhaar-linked digital identity and mobile services.

The Minister also highlighted the success of the Pradhan Mantri Ujjwala Yojana, which has provided over 16.5 crore LPG connections since 2014, significantly improving women’s health and household conditions. The Oil & Gas public sector units (PSUs) have seen their market capitalization nearly double to Rs 8.79 lakh crore, reflecting sectoral growth and investor confidence.

Also Read: India Ranks Second Globally in Social Security Coverage: PHDCCI

Looking ahead, Shri Puri urged chartered accountants to embrace artificial intelligence and advanced analytics. “Automate routine tasks and focus on strategic advisory. Embracing AI is essential for staying competitive and innovative”, he advised.

Concluding his address, Shri Puri called on the ICAI community to uphold transparency, efficiency, and accountability as India moves toward its vision of becoming a developed nation by 2047. “Your profession has the power to protect and sustain our economy. Your dedication is vital to building Viksit Bharat”, he affirmed.