India Eyes Third Position In World Economy By 2030

THE economy is on a stage of take off where Indians can legitimately hold their heads high, India’s economic affairs secretary Subhash Chandra said on Saturday of the world’s sixth largest economy.

The country is now targeting the third position with a $10 trillion gross domestic product (GDP) by 2030.

“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,” Garg said in New Delhi on Saturday, according to the Times of India.
“By 2030, we can legitimately expect to be a $10 trillion economy. That is the challenge. That is also the opportunity. 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.”

Latest World Bank data has shows that India emerged as the sixth largest economy in the world last year with a $2.59 trillion GDP, surpassing France.

Its forecast GDP growth this year is at seven per cent.

In the early stages of its independence, India hardly grew at 3.5 per cent.

“Today, 7-8 per cent is the norm,” said Garg at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.

“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.”

Data ending March 2018 shows that higher government spending and investments helped India’s economy grow at a seven-quarter high of 7.7 per cent.

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