With a growth rate of 7.3 per cent over the first three quarters of the current fiscal year, India is on a high-growth trajectory and set to achieve its development goals by 2047, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep S Puri said on Wednesday.

At a time when advanced economies are struggling to bounce back from the devastating impacts of the pandemic, India has emerged more resilient, he said while addressing a gathering at the inauguration of the REVA University Centre of Excellence for Geopolitics and International Studies in Bengaluru.

Referring to the increasing stature of India globally, Mr Puri said domestic socio-economic successes and welfare reforms are behind India’s increasing global stature. There has been a paradigmatic shift in governance in the last ten years. ”From the days of policy paralysis before 2014, we are now seeing an era of transformative policies that benefit the citizens directly,” he said.

Highlighting the achievements of the country in the last ten years, he noted that more than 25 crore people have been lifted out of multi-dimensional poverty since 2014. He said through schemes such as Ayushman Bharat Mission and the success of schemes such as Swachh Bharat Mission and AMRUT, out-of-pocket expenditure on health has reduced by 25 per cent in the last ten years. Tap water connections to 10.57 crore rural households have been provided since 2014 while more than 11 crore household toilets constructed under the Swachh Bharat Mission, he noted.

He pointed out that 2.51 crore rural houses and more than 80 lakh urban houses have been constructed under PM Awas Yojana so far. The scheme has been extended in the latest Budget and will sanction another two crore houses in rural areas.

The minister also talked about milestones achieved by the country under the PM MUDRA Yojana, PM SVANidhi Yojana, and PM Ujjwala scheme. From being a net importer, India has become the world’s second-largest mobile manufacturer, with greater value addition being done domestically, he said.

He said India lies on the cusp of a demographic transition while most developed countries face the risk of an aging workforce.