Indian economy ia about to “take off” and is expected to be the world’s third largest by 2030 with GDP of $10 trillion, Economic Affairs Secretary Subhash Chandra Garg said on Saturday.
The World Bank in its revised projection, on Thursday, ranked India as the sixth largest economy in 2017, displacing France, with a Gross Domestic Product of $2.59 trillion.
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In the first 40 years of independence, the country hardly grew at 3.5 per cent and today, 7-8 per cent is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.
“Eight per cent growth is very much achievable… If we keep that… we can look forward to be an Indian economy of $10 trillion which would be the third largest economy in the world,” Garg said.
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“We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward… possibly by 2030, the digital economy would be half of the total economy,” the Economic Affairs Secretary said. The digital economy will grow on the back of fast-paced digitisation and growth of startup ecosystem, he said.
The economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018, helped by higher government spending and investments.