Chief Economic Advisor Predicts $5 Trillion Economy By 2026-27:
The Business Environment India’s Chief Economic Advisor predicts a $5 trillion economy by 2026-27. V Anantha Nageswaran, India’s Chief Economic Adviser, stated on Tuesday that the country’s economy would grow to $5 trillion by 2026-27 and $10 trillion by 2033-34. Mr Nageswaran, speaking at a UNDP India event, said India is in a better position than other growing economies.
“On the surface, it appears optimistic, even ambitious, but if we reach $5 trillion by 2026-27, it will be a success. Now that we’ve reached $3.3 trillion, it’s not such a difficult goal to achieve. If you merely assume a 10% nominal GDP growth rate in dollar terms, you’ll reach $10 trillion by 2033-34, followed by another doubling at the same rate “he stated. By 2024-25, Prime Minister Narendra Modi hoped to transform India into a $5 trillion economy and worldwide powerhouse.
India’s Economic Growth :
According to the CEA, the budget should be climate-tagged. “GDP is the worst indicator of economic activity, but it serves as a proxy for all others. Because everything else you take has its own set of limits and a high level of subjectivity, “The CEA made a point. 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 percent.
In the past fiscal year (2021-22), India’s GDP expanded 8.7%, compared to a 6.6 percent contraction the previous year. The Reserve Bank of India (RBI) kept its GDP growth prediction for the current fiscal year at 7.2 percent in its third monetary policy statement for 2022-23, but warned against negative spillovers from geopolitical tensions.
$5 Trillion Economy:
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