Speaking at the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) in New Delhi, Union Petroleum and Natural Gas Minister Shri Hardeep Singh Puri reflected on India’s transformation into the world’s fourth-largest economy. He credited the shift to bold reforms, digital innovation, and resilient governance since 2014.
“India’s GDP has more than doubled—from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025,” the Minister stated. “We have just surpassed Japan and are well on our way to overtaking Germany to become the third-largest economy by 2030.”
Highlighting social inclusion, Shri Puri noted that over 27 crore people have moved out of multidimensional poverty, and landmark welfare schemes like Pradhan Mantri Awas Yojana and the Jal Jeevan Mission have reached crores of households. Ayushman Bharat now offers ₹5 lakh in health coverage to over 70 crore individuals.
He pointed to India’s foreign direct investment inflows, which have surged by 143% since 2014, and the growing number of source countries—from 89 to 112. Reforms such as GST, IBC, DBT, and the scrapping of over 25,000 compliances have streamlined the business environment.
“India is not just growing—it is evolving. And this evolution is data-driven and digitally enabled,” Shri Puri emphasized, adding that the country now leads the world in real-time digital transactions through UPI, which serves over 500 million users.
On tax administration, he praised the system’s efficiency: ITR filings have more than doubled since FY 2013–14, with 95% processed within 30 days. He noted how every rupee collected directly translates to public welfare—LPG for rural homes, pensions for the elderly, and job creation for youth.
He also showcased the success of the Pradhan Mantri Ujjwala Yojana, which has delivered over 16.5 crore LPG connections, especially benefiting women and reducing household air pollution. Additionally, the market capitalization of Oil & Gas PSUs has nearly doubled to ₹8.79 lakh crore since 2014.
In closing, Shri Puri urged chartered accountants to embrace AI, analytics, and automation to elevate their strategic role. “The profession must now combine numbers with insight, and compliance with innovation,” he said. “Transparency, efficiency, and accountability are non-negotiable if we are to build a Viksit Bharat by 2047.”
Source: Press Information Bureau
