New Delhi, July 2: India has surpassed Japan and is on track to become the third-largest economy globally by 2030, as stated by Union Petroleum Minister Hardeep Singh Puri.

Over the last 11 years, India has advanced from being the eleventh largest economy to the fourth largest in the world.

Puri mentioned during the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) that the nation's GDP has significantly increased from $2.1 trillion in 2014 to an estimated $4.3 trillion by 2025.

The minister attributed this growth to India's resilience amid global challenges, emphasizing the importance of strategic policy reforms, extensive social welfare programs, and effective financial management.

He pointed out that through flagship social initiatives, more than 27 crore people have been lifted out of multidimensional poverty, nearly four crore homes have been approved under the Pradhan Mantri Awas Yojana, and 15.4 crore rural households now have access to piped water via the Jal Jeevan Mission.

“Ayushman Bharat has broadened health coverage to over 70 crore individuals, providing a Rs 5 lakh insurance benefit, which underscores India’s dedication to inclusive growth,” Puri remarked.

The minister also highlighted India's success in attracting foreign investments, noting that from 2014 to 2025, the country received $748 billion in foreign direct investment, marking a 143 percent increase compared to the previous decade, with the number of source countries rising from 89 to 112.

“Significant policy reforms, such as the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit Transfers, and the removal of over 25,000 compliance requirements and 1,400 outdated laws, have fortified the business environment in India,” he added.

The evolution in tax administration reflects India's changing financial landscape, with annual income tax returns filed increasing from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25, and 95 percent of these returns processed within 30 days.

Puri emphasized that every tax return and collected rupee translates into real benefits—such as LPG connections for mothers, medicines for the underprivileged, electricity for rural households, pensions for the elderly, and job opportunities for the youth.

Looking forward, the minister urged chartered accountants to adopt artificial intelligence and advanced analytics, automating routine tasks to concentrate on strategic advisory roles and leveraging data-driven insights for improved decision-making.

“Adopting AI is no longer a choice; it is crucial for maintaining competitiveness and fostering innovation in the current financial landscape,” he concluded.