Chief Economic Adviser Says India Could Be $20 Trillion Economy By 2040
Chief Economic Adviser Ananth V Nageswaran on Wednesday said the size of the Indian economy is likely to cross $5 trillion in 2026-27 and reach $20 trillion by 2040.
Addressing an event organized by the Department of Economic Affairs, Mr. Nageswaran said that the central government’s structural reforms, such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), would reveal their advantages and potential. In the coming decade, the current cloud of global political developments and macro monetary policy challenges will once again dissipate.
He underlined that for these reasons India is projected by the International Monetary Fund (IMF) to cross $5 trillion by 2026-27.
“If the country’s GDP doubles every 7 years, we will have a GDP of $20 trillion by 2040, with a per capita income close to $15,000,” the chief economic adviser said.
Shri Nageswaran said that India is in a better position than many other countries to meet the present challenges.
“We are facing challenges of sustained high growth rate, moderate inflation, maintaining fiscal balance and keeping the external value of rupee stable,” he said.
The Chief Economic Advisor said that the government is ready to meet the challenges of balancing these key critical considerations.