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New Delhi, 04 October (Hindustan Times). Union Finance and Corporate Affairs Minister Nirmala Sitharaman said on Friday that India will almost double its per capita income in the next five years.
Union Finance Minister Sitharaman, while addressing the inaugural session of the third edition of the Kautilya Economic Conference (KEC) held at the Taj Palace Hotel in the capital on Friday, said that the structural reforms undertaken by the government in the last 10 years will improve the economic condition of the common man in the coming decades. There will be the fastest increase in the standard of living. India's significant economic performance in the recent decade is clearly visible in its rise from the 10th largest economy to the 5th largest economy in five years.
Sitharaman said the soundness and resilience of India's banking sector is supported by asset quality improvement, better provisions for bad loans, sustained capital adequacy and continued policy focus on increasing profitability. He said the NPA ratio is at a multi-year low, with banks now having efficient loan recovery mechanisms. He said that ensuring that the financial system remains healthy and the cycle lasts is another key policy priority. Chairman of the 15th Finance Commission and MP NK Singh was also present on this occasion.
The third edition of the Kautilya Economic Conference (KEC), organized by the Institute of Economic Development in partnership with the Ministry of Finance, will run from October 4-6. Prime Minister Narendra Modi will attend the conference today at around 6:30 pm and will address the attendees on the occasion. At the same time, Union Foreign Minister Dr. S. Jaishankar will deliver the valedictory address, while Bhutan's Finance Minister Lyonpo Leke Dorji will also address the conference.
It is noteworthy that the Kautilya Economic Conference has brought together around 150 national and international academics and policy makers to discuss some of the most important issues facing the Indian economy and the economies of the Global South.