Union Minister Hardeep Singh Puri on Thursday said India will become a USD 5 trillion economy by 2024-25 and a USD 10 trillion by 2030.
While speaking at the Public Affairs of India (PAFI)'s 8th National Forum through video conference, Puri said, "I am confident that we are on our way to becoming a USD 5 trillion economy by 2024-25 and a USD 10 trillion by 2030, from the USD 2.7 trillion to USD 2.8 trillion economy of today."
His optimism stemmed from the fact that the pandemic has led to a different set of growth drivers in the country like the revival of the health sector, exports, increase in the global manufacturing index--it is ranked second by Cushman and Wakefield.
Other factors included increased economic activity, achieving renewable energy targets, the highest-ever foreign exchange reserves, and transformational initiatives like Gati Shakti.
Puri pointed out that the country's petrol consumption has increased by 16 per cent and diesel consumption, by 10 per cent to 12 per cent higher from pre-COVID days. "The stock market has risen by 250 per cent from the March 2020 lows to touch the 62,000 mark, which in itself was a major achievement," the Union Minister said.