India would emerge as a $ 5-trillion economy by FY27 and a $ 10-trillion one by FY34, chief economic adviser (CEA) V Anantha Nageswaran said on Tuesday.
“We are now at $ 3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10% nominal GDP growth in dollar terms, then you get to $ 10 trillion by FY34 and another doubling with the same rate, ”the CEA said at an event by the UNDP India.
In 2019, before the pandemic hit the nation and the world, Prime Minister Narendra Modi had envisioned to make India a $ 5-trillion economy by FY25. With its strong fundamentals, the Indian economy is much better placed now than many others, Nageswaran added.
Last week, the CEA had said India had displayed remarkable resilience in recovery after a Covid-induced slump in growth. Key indicators of the economy, he stressed, had crossed their pre-pandemic levels. The latest GDP data showed real growth in FY22 exceeded the pre-pandemic (FY20) level by 1.5%, private consumption by 1.4% and fixed investment by 3.8%. On a year-on-year basis, the economy grew 8.7% in FY22 from -6.6% in the previous year.
Quick and decisive policy interventions by the government, duly supported with monetary measures by the central bank, have enabled the economy to stage a smart rebound, the CEA had said.