Chief Economic Adviser (CEA) V. Anantha Nageswaran today said that India is on its way to becoming a US $5 trillion economy by 2026-27 and might even reach $10 trillion by the end of the next ten years. He insisted that with India currently at $3.3 trillion, achieving $5 trillion will not be a difficult task.
Speaking at an event by UNDP India, Nageswaran said, “We are now $3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10% nominal GDP growth in dollar terms, then you get to $10 trillion by 2033-34 and another doubling with the same rate.”
Furthermore, Nageswaran said that focusing on the growth of GDP was not enough, insisting that more important was to promote sustainable economic growth. Behavioral changes must be implemented, keeping the environment a priority.
Nageswaran said, “There was a lot of resistance in developed countries towards making the necessary behavioural adjustments for net zero. OECD report mentions that India was far more constructive & flexible in its ways to adapt to a more sustainable world.”
Kanni Wignaraja UN ASG and Director of UNDP AsiaPac Regional Director, Shyam Saran, Former Foreign Secretary, and Dr. A.K. Shiva Kumar, Development Economist, also spoke at the event.
