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 noted Hardeep Singh Puri, Minister of Petroleum & Natural Gas. We have recently overtaken Japan and are poised to become the third-largest economy by 2030, overtaking Germany, the Minister remarked, highlighting the nation’s resilience during global headwinds and the critical role played by bold policy reforms, extensive social welfare schemes, and sound financial management.

The Minister emphasized India’s success in attracting global investment, with USD 748 billion of foreign direct investment inflows between 2014 and 2025—an increase of 143% 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 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% processed within 30 days. He further stated that India’s banking sector has also witnessed a historic turnaround, with gross non-performing assets of Scheduled Commercial Banks dropping from 14.58% in FY 2017–18 to below 3% in FY 2024–25. The digital economy’s backbone, the Unified Payments Interface (UPI), now handles nearly 50% of real-time digital transactions globally, serving over 500 million active users. Fintech adoption stands at 87%, compared to the 67% global average, facilitated by India’s universal digital identity and access through Aadhaar and mobile services.

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