New Delhi, July 2: India has recently overtaken Japan and is poised to become the third-largest economy by 2030, overtaking Germany, Union Petroleum Minister Hardeep Singh Puri has said. In the past 11 years, India has risen from the eleventh to the fourth largest economy in the world.

“Our GDP has more than doubled — from $2.1 trillion in 2014 to $4.3 trillion in 2025” said Puri while addressing the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) here. The minister highlighted the nation’s resilience during global headwinds and the critical role played by bold policy reforms, extensive social welfare schemes, and sound financial management.

Under the flagship social initiatives, Puri noted, over 27 crore citizens have been lifted out of multidimensional poverty, nearly four crore houses have been sanctioned under the Pradhan Mantri Awas Yojana, and 15.4 crore rural households now enjoy piped water through the Jal Jeevan Mission.

“Ayushman Bharat has expanded health coverage to over 70 crore individuals with a Rs 5 lakh insurance benefit, reinforcing India’s commitment to inclusive development,” the minister added. He emphasised India’s success in attracting global investment, with $748 billion of foreign direct investment inflows between 2014 and 2025 — an increase of 143 per cent over the previous decade — and the expansion of source countries from 89 to 112.

“Landmarks in policy reform, including the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit Transfers, and the elimination of over 25,000 compliances and 1,400 obsolete laws, have strengthened the nation’s business landscape,” the minister emphasised.

The transformation in tax administration underscores India’s evolving financial culture. Annual Income Tax returns filed grew from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25, with 95 per cent processed within 30 days.

“Each return, each rupee of tax collected, translates into tangible benefits—LPG connections for mothers, medicines for the poor, electricity for rural homes, pensions for the elderly, and employment opportunities for youth,” Puri highlighted.

Looking ahead, the minister called on chartered accountants to embrace artificial intelligence and advanced analytics, automating routine tasks to focus on strategic advisory roles and harnessing data-driven insights for more effective decision-making.

“Embracing AI is no longer optional — it is essential for staying competitive and innovative in today’s evolving financial world,” he noted.

(IANS)

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