India to become $5 trillion economy by 2024-25, says Hardeep Puri

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Backing the economic policies of the Union government, Minister Hardeep Singh Puri on Thursday said that India is on the way to become a USD 5 trillion economy by 2024-25. He further said that the country will become a US$ 10 trillion economy by 2030.

New Delhi: Backing the economic policies of the Union government, Minister Hardeep Singh Puri on Thursday said that India is on the way to become a USD 5 trillion economy by 2024-25. He further said that the country will become a US$ 10 trillion economy by 2030.

Speaking at the 8th National Forum for Public Affairs of India (PAFI) via video conference, Puri said, “I am confident that we are on our way to become a USD 5 trillion economy and USD 10 trillion economy by 2024-25. are at. 2030, a USD 2.8 trillion economy from today’s USD 2.7 trillion.” His optimism stems from the fact that the pandemic has triggered a different set of growth drivers in the country such as the revival of the health sector, exports, a rise in the global manufacturing index – this is second only to Cushman and Wakefield. Other factors include increased economic activity, achieving renewable energy targets, higher foreign exchange reserves and transformational initiatives such as Gati Shakti.

Puri informed that the consumption of petrol in the country has increased by 16 per cent and diesel consumption from 10 per cent to 12 per cent, which is higher than the pre-covid days. 62,000 marks, which in itself was a big achievement,” the Union Minister said.

On the privatization of Air India, the minister said the fact that both the bids were higher than the reserve price only proved that Air India was a first rate asset. His choice before the government was not between privatization and de-privatization. , but between privatization and the closure of the airline.

Explaining the reasons for the success of privatization of Air-India, the Minister said that the government has learned from its past failures and considered it as a great achievement as the privatization was done during the COVID-19 pandemic, when Most of the aircraft were grounded. Grounded and the airline industry was suffering.

Because of such high energy prices, Puri explained that it was because the supply curve was placed below the demand curve by crude producing countries and such high prices were undermining the global economic recovery and were affecting developing and developing countries. harming the interests of both the countries. .

Refusing to divulge any details on the privatization of oil major, Bharat Petroleum, the minister assured the delegates that the process is progressing well and something will be achieved in the near future. He said that the success of privatization of Air India will help in privatization and asset monetization in future.

First published:October 22, 2021, 9:11 am

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