Calling Indian economy to be on a stage of ‘take off’, Government of India’s economic affairs secretary Subhash Chandra Garg said on Saturday that the country is expected to become $10 trillion economy by 2030.
“By 2030, we can legitimately expect to be a $10 trillion economy. That is the challenge. That is also the opportunity. Eight per cent growth is very much achievable… If we keep that… we can look forward to being an economy of $10 trillion which would be the third largest economy in the world,” Garg said, adding that compared to the first 40 years of independence when the country hardly grew at 3.5 per cent, today 7-8 per cent growth rate is the norm.
Garg’s comment comes in the backdrop of the latest World Bank (WB) data showing that the Indian economy emerged as the sixth largest economy in the world, surpassing France, in 2017.
“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 added.
Thanks to higher government spending and investments made both by domestic and foreign players, Indian economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018.