Indian economy will reach $10 trillion in a decade, claims Chief Economic

New Delhi: ‘The Indian economy, which is currently at $3.3 trillion, will grow to $5 trillion in the 2026-27 fiscal year. In the financial year 2033-34, the Indian economy will jump to $10 trillion,’ said Chief Economic Advisor Anantha Nageshwar. Analysts across the world agree that India is progressing at a promising pace at a time when the economies of all major countries around the world are in crisis due to the situation created by the Coronavirus pandemic and the ensuing Ukraine war. Against that backdrop, this belief expressed by Nageshwar becomes noteworthy.

In May, India’s exports registered a growth of about 20.55 per cent. It is claimed that this growth will continue in the coming times. The flow of investment into India has also increased. As a result, major countries worldwide are showing keen interest in a free trade agreement with India. The International Monetary Fund and the World Bank have claimed that India will be the best-performing economy among the G-20 countries in the current fiscal year. Whereas even the US treasury department had said that India is the fastest recovering economy in the post Coronavirus pandemic period.

The confidence expressed in the Indian economy on the international level is now becoming a reality. Indian exports increased by 20.55% in May to reach $38.94 billion. Although this is a welcome development, Indian imports also recorded a major increase reaching $63.22 billion in May. Fuel accounts for the largest share of these imports. Fuel imports increased by 102 per cent to $19.2 billion. Along with this, the country had to pay $6 billion to import gold.

With fuel prices soaring in the international market, the problems facing India, which has to import more than 85 per cent of the demand, are also increasing. That is why fuel price hikes and rising imports have become a major challenge for the Indian economy, which is getting relief from the increase in exports. In such a scenario, India seems to be taking rapid steps for alternative fuel sources. If the country succeeds on this front, it will greatly benefit the economy. In the World Competitiveness Index, India has moved up from 43rd position to 37th position. The report released in this regard noted that India’s economy has improved tremendously in the year 2022. It also noted that India has successfully gained the industry’s confidence. The Institute for Management Development has released the ‘World Competitiveness Index’ report. Countries are ranked in the report based on the capacity and competitiveness of their economies.