'USD 10 trillion India economy by 2030 no longer a debate,' says Hardeep Singh Puri
Aug 04, 2023
New Delhi [India], August 4 : Union minister Hardeep Singh Puri on Friday said there is no doubt that the Indian economy will reach USD 10 trillion by the end of this decade, taking into consideration the rate at which it is presently growing.
Addressing a press conference, he outlined several initiatives taken by the PM Modi-led government and how the country’s stature has increased over the years.
“One thing is very clear, and the purpose here is not to draw comparisons... But look, the fact of the matter is, large parts of the world, including the United States, including parts of Western Europe, and Japan, are witnessing growth rates in the closed vicinity of 0.9 per cent, 1 per cent, or flat growth. And here, even your detractors, if they may be called that, are talking about 6.1 per cent to 6.5 per cent of projected growth in 23 24. So USD 5 trillion economy by 2025 or 2026, which people doubted is looking at us,” Puri told reporters.
“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,” Puri said.
Going by estimates, India’s current GDP size is around USD 3.4 trillion. After taking over the UK, India is now the fifth-largest economy.
According to an SBI Research report published last week, India is likely to get the 3rd largest economy tag in 2027 (2027-28) if it maintains the current rate of growth, and in the process, will surpass both Japan and Germany. Earlier, SBI Research had expected India to become the third-largest economy in the world by 2029.
“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,” Puri said.
“And as is well known, we have moved from 2014, when we were the 10th largest economy in the world, to being the fifth largest economy in the world today. Overtaking, by the way, the United Kingdom, which had 190 years of a particular kind of dominance or domination,” he said.
At the press conference, Minister Puri made a reference to PM Modi’s recent remarks where the PM assured Indians that the country will become the third-largest economy during its third term in Office.
“Today I assure the nation that in the third term, India will be among the top three economies in the world. Yes, my friends, in the third term, India will be there with pride in the top three economies, and this is Modi's guarantee. I also assure the citizens that after the 2024 elections, our third term will witness an even faster pace of development for the country,” PM Modi said on July 26 while inaugurating the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi.
