New Delhi, July 14: Economic Affairs Secretary Subhash Chandra Garg on Saturday said that the Indian economy is on stage of “take off” and is expected to become the world’s third largest economy by 2030 with GDP worth USD 10 trillion.Also Read - How Long Until Indian Economy Recovers From COVID Losses? This is What RBI Said
“Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take-off where Indians can legitimately hold their heads high,” he said here. Also Read - Everything You Need To Know About Mother Of All IPOs | LIC IPO
In the first 40 years of independence, the country hardly grew at 3.5 per cent, and today 7-8 per cent is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India. Also Read - Unemployment Rate At 12.6 Per Cent in April-June 2021: NSO Survey
“By 2030, we can legitimately expect to be a USD 10 trillion economy. That is the challenge. That is also the opportunity,” he said.
“Eight per cent growth is very much achievable… If we keep that… We can look forward to be an Indian economy of USD 10 trillion which would be the third largest economy in the world,” Garg said.
His comments come on the heels of latest World Bank data showing that India has emerged as the sixth largest economy globally, surpassing France, in 2017.
In 2017, it became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, according to the data.
“We expect the Indian economy to be a USD 1 trillion digital economy by 2022 and going forward… Possibly by 2030, the digital economy would be half of the total economy,” Garg said.
India’s economy grew at a seven-quarter high of 7.7 per cent in the three months ended March, helped by higher government spending and investments.
(With PTI inputs)