Commerce Minister Piyush Goyal boldly declared India’s trajectory towards a $4 trillion economy ahead of the imminent general elections. His optimism was echoed by Bibek Debroy, Chairman of the Economic Advisory Council, who asserted the inevitability of reaching this milestone by 2024.
However, despite unverified reports in November hinting at India’s $4 trillion economy status, official data places the current fiscal year’s target at $3.7 trillion, based on a projected nominal GDP growth rate of 10.5 percent for FY24.
Goyal’s projections align with the ambitious goal set by Prime Minister Narendra Modi in 2019—to elevate India to a $5 trillion economy. The IMF projects India’s GDP to hit $4.95 trillion by 2026.
India retains its status as the world’s fastest-growing major economy, exhibiting robust 7.6 percent GDP growth in the second quarter, surpassing market expectations.
Goyal emphasized that fostering self-reliance (Atmanirbhar Bharat) doesn’t imply an anti-import stance. India seeks to amplify exports while remaining open to necessary imports.
At the Aatmanirbhar Bharat Utsav inauguration in New Delhi, External Affairs Minister S Jaishankar stressed the significance of nurturing pride in producers and consumers. He urged support for both “Make in India” and “Buy in India” initiatives.
The collective vision espoused by leaders underscores India’s determination to propel its economic growth while nurturing domestic production and consumption.
The nation’s economy remains a focal point amid global projections and domestic objectives, steering towards ambitious milestones with an eye on sustainable growth and a resilient economy.
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