NEW DELHI: Indian economy is on a stage of “take off” and is expected to be the world’s third largest by 2030 with gross domestic product (GDP) worth $10 trillion, economic affairs secretary Subhash Chandra Garg said on Saturday.
“Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high,” he said in New Delhi.
In the first 40 years of independence, the country hardly grew at 3.5% and today, 7-8% is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.
“By 2030, we can legitimately expect to be a $10 trillion economy. That is the challenge. That is also the opportunity,” he said. “Eight per cent growth is very much achievable… If we keep that… we can look forward to be an Indian economy of $10 trillion which would be the third largest economy in the world,” Garg said.
His comments also come close on the heels of latest World Bank data showing that the country emerged as the sixth largest economy in the world, surpassing France, in 2017. In 2017, India became the sixth largest economy with a GDP of $2.59 trillion, relegating France to the seventh position, according to the data.
“We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward… possibly by 2030, the digital economy would be half of the total economy,” the economic affairs secretary said. The country’s economy grew at a seven-quarter high of 7.7% in the three months ended March 2018, helped by higher government spending and investments.