India's economy will grow up to $7 trillion in seven years

Kolkata: India is on track to become a three trillion dollar economy by the fiscal year 2022-23. India’s economy will reach seven trillion dollars in the next seven years, the country’s Chief Economic Adviser, V Anantha Nageswaran, has said. Nageswaran made this claim while speaking at the economic forum of Merchants’ Chamber of Commerce & Industry (MCCI). The central government had announced that the Indian economy would reach the target of five trillion dollars by 2025. Beyond that, leading economic advisors have expressed confidence that the Indian economy will double in seven years.

In his speech, Nageswaran gave an example of the problems being faced by the world at present. Although 2023 has begun, the war in Ukraine is not over. This is increasing uncertainty at the geopolitical and economic level. China, which has been locked in restrictions due to the Coronavirus pandemic, is now opening up and the demand for fuel and other goods coming from China will increase, affecting its price. At the same time, Nageswaran has said that it will also impact the growth of the economies of the United States and Europe.

In such a situation, the Indian economy will reach three trillion dollars before the end of the financial year 2022-23 and the Indian economy can reach seven trillion dollars in the next seven years, Nageswaran claimed. Meanwhile, the British-based Centre for Economics and Business Research (CEBR) report published in December concluded that India’s economy will reach $10 trillion by 2035. Therefore, not only Indian economists but foreign analysts are also showing faith in the Indian economy.

However, economists warn that India will have to bear the consequences of upheavals in the global economy to some extent. The World Bank has warned that the global economy will be dangerously close to recession this year. Pointing to the US, European countries and China’s economies have negative trends. The World Bank has signalled that the risk of a recession is increasing this year. Economists are pointing out that if the recession hits the world, the Indian economy will also face this crisis, due to which India’s exports will be affected.

Meanwhile, India’s strengths are its huge population and its large young population. It is believed that the Indian economy will stand strong based on this. Not only this, some have claimed that India can support the global economy. Thus, international investors, multinational companies, and major countries worldwide seem to be taking the initiative to develop their cooperation with India. In times of global economic uncertainty, India can benefit greatly from international investment rates, global industry and the economic cooperation of major countries. It is seen that the economic and political importance of India will increase further.

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