New Delhi: Finance Minister Nirmala Sitharaman has said that in the coming times, the standard of living of a common Indian is going to improve significantly. The economic policies of the government, rapid economic growth rate, increasing number of youth power, emphasis on technology and to some extent the current global situation are the factors that will improve the quality of life of common Indians.

Addressing the third Kautilya Economic Conclave, the Finance Minister also said that his government is committed to reducing the fiscal deficit to 4.9 percent this year and along with this, efforts will be made to continuously improve the quality of government expenditure so that financial discipline in the country can be improved.

Sitharaman said that our government is working on a plan to double the per capita income of Indians in a few years. This effort is being made at a time when there is a lot of instability at the global level and the current tensions are likely to worsen. She expressed confidence that the standard of living of Indians is going to improve very rapidly and this will be a historic period of living for Indians.

The Finance Minister mentioned a recent estimate of the IMF which said that the per capita income of Indians has increased to $2730 in 75 years but in the next five years only, it will increase by two thousand dollars. When India celebrates its 100th anniversary of independence in the year 2047, Indians will get an environment similar to that of a developed country. The youth power here will contribute a lot in India's development journey.

Sitharaman said that the number of youth in India will increase for the next two decades, while during this time the number of elderly people will increase in the population of many developing countries. This will increase consumption in India, productivity will also increase and investment will also increase. The rapidly increasing number of middle class will increase consumption. India's capacity in exploration is increasing very fast. India's achievement in the service sector is the result of this.

Along with this, India's financial sector is in a very strong position which is ready to provide financial resources for new needs. Along with this, global conditions will also help India. India has started establishing itself as a strong and advanced supply chain for strategic sectors.