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India to become $5 trillion economy by 2024-25: Hardeep Singh Puri



India to become $5 trillion economy by 2024-25: Hardeep Singh Puri

Federal Minister Hadip Singh Puri stated on Thursday that India will become a $5 trillion economy by 2024-25 and a $10 trillion economy by 2030.

Speaking at the 8th National Forum of Public Affairs of India (PAFI) via video conference, Puri said: “I believe we are moving towards a $5 trillion economy and a $10 trillion economy in 2024-25. In 2030, from 2.7 trillion U.S. dollars to today’s 2.8 trillion U.S. dollars economy.”
His optimism stems from the fact that the pandemic has led to a series of different growth drivers in the country, such as the recovery of the health sector, exports, and the growth of the global manufacturing index-it ranks second in Cushman and Wakefield. Other factors include increased economic activity, the achievement of renewable energy targets, the highest foreign exchange reserves in history, and transformational initiatives such as Gati Shakti.

Puri pointed out that the country’s petrol consumption has increased by 16%, and diesel consumption has increased by 10% to 12% compared to before COVID.

“The stock market has risen 250% from its March 2020 low and hit the 62,000 mark, which is a major achievement in itself,” the union minister said.

Regarding the privatization of Air India, the Minister stated that given that the two bids were higher than the reserve price, this can only prove that Air India is a first-class asset.
He believes that the choice before the government is not between privatization and deprivatization, but between privatization and closing airlines.

In explaining the reasons for the success of Air India’s privatization, the Minister added that the government has learned lessons from past failures and regarded it as a major achievement because privatization was carried out during the COVID-19 pandemic. Some planes have been grounded, and the aviation industry has suffered heavy losses.

News Source: Mint

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