CEA says, India's economy would grow to $5 trillion by 2026-27

15 Jun 2022 , 08:47 AM

India will become a $5 trillion economy by 2026-27, and a USD 10 trillion economy by 2033-34, according to Chief Economic Adviser V Anantha Nageswaran. Nageswaran, speaking at a UNDP India event, said India is in a better position than other growing countries.

“On the surface, it appears optimistic, even ambitious, but if we reach $5 trillion by 2026-27, it will be a success.”

“At USD 3.3 trillion, it’s not such a difficult goal to achieve.” “Then, assuming a 10% nominal GDP growth rate in dollar terms, you get to USD 10 trillion by 2033-34, and another doubling at the same rate,” he continued.

By 2024-25, Prime Minister Narendra Modi hoped to transform India into a USD 5 trillion economy and worldwide superpower.

According to the CEA, the budget should be climate-tagged. “GDP is the weakest indicator of economic activity, but it serves as a proxy for all others. Because everything else you take has its own set of limits and a high level of subjectivity, “He made a point.

Rising inflation, supply chain disruptions, and geopolitical concerns have caused the World Bank to lower India’s economic growth prediction for the current fiscal year to 7.5 percent.

In the past fiscal year (2021-22), India’s GDP expanded 8.7%, compared to a 6.6 percent decrease the previous year.