Addressing an event organized by UNDP India, Nageswaran said that India is in a better position than other emerging economies.
Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday said that India will become a USD 5 trillion economy by 202627 and USD 10 trillion by 2033-34.
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- Last Update:June 14, 2022, 5:19 PM IST
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New Delhi: Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday India To become an economy of US$ 5 trillion by 2026-27 and US$ 10 trillion by 2033-34. Addressing an event organized by UNDP India, Nageswaran said that India is in a relatively better position as compared to other emerging economies.
“Looking at the top it looks optimistic, even ambitious, but if we reach US$ 5 trillion by 2026-27. “Now that we are USD 3.3 trillion, it is not such a difficult target to reach. Then if you assume only a nominal GDP growth of 10 per cent in dollar terms, you reach USD 10 trillion by 2033-34 and another double with the same rate,” he said.
In 2019, Prime Minister Narendra Modi It is envisaged to make India a US$ 5 trillion economy and global powerhouse by 2024-25. CEA said there is a need for climate tagging of the budget.
“GDP is the worst measure of economic activity but of all others. Because whatever you take for granted, comes with their own limitations and serious subjectivity,” he said. World The bank has slashed India’s economic growth forecast for the current fiscal to 7.5 per cent as rising inflation, supply chain disruptions and geopolitical tensions eased. India’s economy grew by 8.7 percent in the last financial year (2021–22), from 6.6 percent in the previous year.
In its third monetary policy for 2022-23, the Reserve Bank retained its GDP growth forecast for the current fiscal at 7.2 per cent, but cautioned against a negative spillover of geopolitical tensions and a slowdown in the global economy. .
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