V Anantha Nageswaran, Chief Economic Advisor to the Government of India, predicted that the country’s economy will grow to US$ 5 trillion by 2026-27 and US$ 10 trillion by 2033-34.
Nageswaran, speaking at a UNDP India event, said India is in a better position than other growing economies. “We are currently at US$ 3.3 trillion, therefore it is not such a difficult goal to achieve. If you merely assume a 10% nominal GDP growth rate in dollar terms, you will reach US$ 10 trillion by 2033-34, followed by another doubling at the same rate,” he stated.
By 2024-25, Prime Minister Mr. Narendra Modi envisioned to transform India into a US$ 5 trillion economy and worldwide powerhouse. 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%.
In the past fiscal year (2021-22), India’s GDP grew to 8.7%, compared to a 6.6% contraction the previous year. The Reserve Bank kept its GDP growth prediction for the current fiscal year at 7.2% in its third monetary policy statement of 2022-23, but warned about negative spillovers from geopolitical tensions and a global economic slowdown.
