New Delhi, Oct 10 (IANS): Union Home Minister Amit Shah on Thursday said that political stability and policy continuity will bring rigour to reforms, thus fostering the development process towards becoming 'Viksit Bharat'.

Addressing the annual session of the PHD Chamber of Commerce and Industry (PHDCCI) in the national capital, the Home Minister said these are crucial times for the Indian industry to grow faster, towards the aim to create a ‘Viksit Bharat’ by 2047.

"Under the visionary leadership of Prime Minister Narendra Modi, the policy ecosystem has been placed to expand the size and scale of Indian industries," he told the gathering.

"This is, indeed, a moment of pride for our country. India is now being recognised as a bright spot in the world ecosystem and will emerge as the third largest economy by 2027 and ‘Viksit Bharat’ by 2047," the minister emphasised.

Moreover, the proactive policy efforts of the government will lead India to become a pioneer in all sectors -- from green technology to electric vehicles -- in the coming years, he said.

"Holistic development has been propelled by the policy initiatives of the government, providing basic amenities to more than 60 crore people," the minister informed.

Home Minister Shah motivated industry chambers like PHDCCI to continue pouring in their constructive suggestions and assured that the government would take prompt action on them.

According to PHDCCI President, Sanjeev Agrawal, the government has instilled a sense of security within the country and confidence among the industrialists to take the leap forward.

"With the continuous hand-holding of the government and vibrant efforts of trade and industry, India is navigating to become a $5 trillion economy in the coming times, boosted by enhanced ease of doing business," Agrawal said at the event, adding that under the leadership of PM Modi and Home Minister Shah, India will emerge as the economic superpower in the coming times.

According to Reserve Bank of India (RBI) Governor Shaktikanta Das, the real GDP for FY25 is estimated to be 7.2 per cent, which is in line with global projections amid strong fundamentals, rising consumption and robust investment sentiment in the country. Looking ahead, India’s growth story remains intact as its fundamental drivers - consumption and investment demand - are gaining momentum.