Business News | Gujarat Becoming Growth Engine as India Vouches to Become Developed Nation: Nirmala Sitharaman

Ahmedabad (Gujarat) [India], January 10 (ANI): Gujarat is poised to become the growth engine of India as the country moves towards its goal of becoming a developed nation by 2047, said Union Finance Minister Nirmala Sitharaman on Wednesday.

Commending Gujarat's growth over the past decade, she noted that the per capita income is 1.7 times the national average, and the state grew at a 12 per cent combined annual growth rate (CAGR) between 2011 and 2021. The national average during the period was 10.4 per cent, she noted.

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"In its vision document, 'Viksit Gujarat @ 2047, Gujarat is very clear on becoming the growth engine of India as we move towards our goal of becoming Viksit Bharat by 2047," Union Minister Sitharaman said while addressing a seminar held at Vibrant Gujarat Global Summit.

"Gujarat has approximately 5 per cent of our nation's population. It contributes 8.5 per cent to our overall GDP and adds 19 per cent to the national GVA (Gross Value Added) every year," she said.

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Sitharaman further said that technology and digitisation are two major catalysts that helped financial inclusion in India.

"Over 50 crore people were brought into the formal banking system through the opening of Jan Dhan accounts. Nearly 56 per cent of 'Jan-Dhan' account holders are Women; 67 per cent Jan Dhan accounts opened in Rural and Semi-urban Areas. India moved from being one of the largest unbanked countries, with a mere 44 per cent having bank accounts in 2011, to almost 80 per cent coverage," she said.

Earlier in the day, Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar.

The theme of this year's summit is 'Gateway to the Future' and includes the participation of 34 partner countries and 16 partner organisations.

The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions. (ANI)

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