India was the 10th largest economy in 2014, and we expect to become the third-largest economy in 2027: Chief Economic Advisor
On Thursday Chief Economic Advisor, Dr. V Anantha Nageswaran said that India will be the third largest contributor to the global gross domestic product (GDP) this year. He further said that India’s contribution to global GDP growth has risen six-fold since the turn of the millennium.
He was speaking at the interactive session organized by FICCI, Nageswaran said: “We were the 10th largest economy in 2014, and we expect to become the third-largest economy in 2027.”
According to him, to achieve that the country has to continue to “do the right thing”.
“India is set to become the third-largest contributor to global GDP this year,” Nageswaran said.
According to him, India’s real GDP growth for FY23 was a robust 7.2 percent, with expectations for the final figure to be even higher.
“We have had two successive good years, strengthening the recovery from the pandemic-induced contraction,” he said.
The lower growth figures reported in the third quarter of FY23 were due to base effect adjustments, not a loss of economic momentum, he said.
For FY4, the GDP growth rate will be 6.5 percent, a figure supported by both the Ministry of Finance and the Reserve Bank of India.
He further underlined the government’s commitment to continue to be fiscally responsible while supporting the economic recovery, citing a declining fiscal deficit target from 5.9 percent to an intended 4.5 percent by FY26.
For the medium term, Nageswaran stressed on the importance of energy security and the need for a managed transition away from fossil fuels. Furthermore, he stressed on the need for educational reforms to mitigate the impact of the pandemic on years of lost schooling and to harness the potential of India’s demographic dividend.
[With Inputs from IANS]
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