India’s economy may reach USD 10 trillion by 2030: Subhash Chandra Garg

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India’s Economic Affairs Secretary Subhash Chandra Garg
India’s Economic Affairs Secretary Subhash Chandra Garg

New Delhi : India’s Economic Affairs Secretary Subhash Chandra Garg, in a meeting today, said that Indian economy is on a phase of "take off" and is expected to be the world's third largest by 2030 with GDP worth USD 10 trillion

"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 here. 

In the first 40 years of India’s independence, the country hardly grew at 3.5 per cent and today, 7-8 per cent is the norm, Garg said at an event to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India. 

"By 2030, we can legitimately expect to be a USD 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 USD 10 trillion which would be the third largest economy in the world," Garg said. 

His comments can be related with the latest World Bank data which shows that the country has emerged as the sixth largest economy in the world, surpassing France, in 2017. 

In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, according to the data. 

"We expect the Indian economy to be a USD 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. 

India’s economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018, helped by higher government spending and investments.