India expected to become $7 trillion economy in seven years: CEA
The Hindu
The government had previously said India would become a $5 trillion economy by 2025
Chief Economic Advisor V. Anantha Nageswaran said on Monday that the Indian economy will be $3 trillion by the end of the current 2022-23 fiscal and is expected to be $7 trillion in the next seven years.
The government had previously said India would become a $5 trillion economy by 2025.
Speaking at a session organised by MCCI, Nageswaran said virtually that the calendar year 2023 began in the context of the continuing conflict between Russia and Ukraine, which will "create geo-political and geo-economic uncertainties".
The other major aspect is the opening up of China after two years of the pandemic and its impact on the world economy, particularly on retreating oil and commodity prices and also on the growth of the advanced economies of the US and Europe.
"In these contexts, the Indian economy will be of the size of $3 trillion at the end of March 2023 and $7 trillion in the next seven years, which is not impossible," Nageswaran said.
The CEA also said the most important issue is that the U.S. is expected to lower its interest rates in 2024 or 2025, which will have an impact on the Indian rupee.
The National Statistical Office has predicted that the economic growth of the country in 2022-23 will be 7% in real terms and 15.4% in nominal ones, the economist said.
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