Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday stated India would change into a USD 5 trillion economic system by 2026-27 and USD 10 trillion by 2033-34. Addressing an occasion organised by UNDP India, Nageswaran stated India is comparatively higher positioned than different rising economies. “On the face of it, seems to be optimistic, even bold, but when we get to USD 5 trillion by 2026-27.
“We are now USD 3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10 per cent nominal GDP growth in dollar terms, then you get to USD 10 trillion by 2033-34 and another doubling with the same rate,” he stated.
In 2019, Prime Minister Narendra Modi envisioned to make India a USD 5 trillion economic system and world powerhouse by 2024-25. The CEA stated there’s a want for local weather tagging of the finances.
“GDP is the worst measure of economic activities but for all others. Because everything else you take, comes with their own limitations and serious subjectivity,” he famous.
The World Bank has reduce India’s financial development forecast for the present fiscal to 7.5 per cent as rising inflation, provide chain disruptions, and geopolitical tensions taper restoration.
India’s economic system grew 8.7 per cent within the final fiscal (2021-22) in opposition to a 6.6 per cent contraction within the earlier yr. In its third financial coverage of 2022-23, the Reserve Bank retained its GDP development forecast at 7.2 per cent for the present fiscal, however cautioned in opposition to damaging spillovers of geopolitical tensions and a slowdown within the world economic system.
Source: www.financialexpress.com”