GDP will hit $5-trn mark by FY27:CEA Nageswaran
There’s a need for climate tagging of the budget: CEA
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- Indian GDP is $3.3trn
- World Bank slashes GDP forecast for FY23 to 7.5%
- Rising inflation, supply chain disruptions and geo-political tensions taper recovery
- India's economy grew 8.7% in FY22 as against a 6.6% contraction in FY21
New Delhi: Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday said India would become a $5 trillion economy by 2026-27 and $10 trillion by 2033-34.
Addressing an event organised by UNDP India, Nageswaran said: "India is relatively better placed than other emerging economies. On the face of it, looks optimistic, even ambitious, but if we get to $5 trillion by 2026-27. We are now $3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10 per cent nominal GDP growth in dollar terms, then you get to $10 trillion by 2033-34 and another doubling with the same rate," he said.
In 2019, Prime Minister Narendra Modi envisioned to make India a $5 trillion economy and global powerhouse by 2024-25. The CEA said there is a need for climate tagging of the budget.
