Union Minister Hardeep Singh Puri expressed confidence that the Indian economy will reach the milestone of USD 10 trillion by the end of this decade, given its current growth rate. Addressing a press conference, Puri compared India’s robust growth to the stagnant or marginal growth in many Western economies and emphasised the nation’s rising global stature.
Highlighting the recent projections of 6.1% to 6.5% growth for the 2023-24 fiscal year, Puri said, “A USD 5 trillion economy by 2025 or 2026, which people doubted, is looking at us. A USD 10 trillion economy by 2030 is again no longer a matter of debate or disagreement. And you are now looking between 2030 and 2040 at doubling that USD 10 trillion economy.”
India’s current GDP size is approximately USD 3.4 trillion, making it the fifth-largest economy in the world, overtaking the UK. An SBI Research report published last week suggested that India could become the third-largest economy by 2027-28, surpassing both Japan and Germany.
Minister Puri also referred to Prime Minister Narendra Modi’s recent assurance that India will become the third-largest economy during its third term in office. PM Modi had expressed his confidence in India’s economic trajectory while inaugurating the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi on July 26.
Puri praised the Modi-led government’s initiatives and the transformation witnessed over the last nine years. “The change we have witnessed in the last nine years is extraordinary. We are now moving in the direction of being the third-largest economy in the world,” he added.
The statements by Minister Puri and PM Modi underline the government’s optimistic outlook on India’s economic growth and potential. Achieving the USD 10 trillion milestone will likely require sustained efforts across various sectors, including infrastructure development, technological innovation, regulatory reforms, and global trade engagement.
The government’s vision aligns with broader global recognition of India’s growth potential, but realising this vision will necessitate effective policy implementation, strategic investments, and the ability to navigate global economic challenges.
India’s ascendancy in the global economic rankings demonstrates the nation’s ability to leverage its strengths in various sectors. The continued focus on reform and development, along with an emphasis on inclusive growth, may pave the way for India to achieve these ambitious economic milestones.
Source : TheSundayGuardian
