Outlining India’s remarkable economic transformation over the past 11 years, crediting bold policy reforms and robust governance, Union Petroleum minister Hardeep Puri said that the country which has recently overtaken Japan is now poised to become the third-largest economy, overtaking Germany.
In the past 11 years, India has risen from 11th 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) in Delhi. 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.
Puri also underscored India’s ability to attract foreign investment, citing $748 billion in foreign direct investment inflows between 2014 and 2025—an increase of 143 per cent over the previous decade—and the rise in source countries from 89 to 112.
Landmark economic measures such as the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, Goods and Services Tax, and Direct Benefit Transfers, along with the removal of over 25,000 compliances and 1,400 outdated laws, have further strengthened India’s business environment.
The Minister pointed to significant improvements in tax administration, with the number of annual income tax returns filed more than doubling from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25. He noted that 95 per cent of these returns are now processed within 30 days, helping ensure that every tax rupee translates into social benefits such as LPG connections for households, medicines for the underprivileged, rural electrification, pensions for senior citizens, and jobs for the youth.
Highlighting the resilience of India’s banking sector, Puri said gross non-performing assets of scheduled commercial banks have fallen from 14.58 per cent in FY 2017–18 to below 3 per cent in FY 2024–25. He also noted that India’s digital economy continues to expand rapidly, with the Unified Payments Interface (UPI) handling nearly 50 per cent of the world’s real-time digital transactions and serving over 500 million active users. India’s fintech adoption now stands at 87 per cent , compared to a global average of 67 per cent , driven by widespread access to digital identity and mobile connectivity.
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.
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.
The minister said, “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.” 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.
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.