NEW DELHI – Union Minister Hardeep Singh Puri Oct. 21 said India will become a $5 trillion economy by 2024-25 and a $10 trillion economy by 2030.
While speaking at the Public Affairs of India's 8th National Forum through video conference, Puri said, "I am confident that we are on our way to becoming a USD 5 trillion economy by 2024-25 and a USD 10 trillion by 2030, from the USD 2.7 trillion to USD 2.8 trillion economy of today."
His optimism stemmed from the fact that the pandemic has led to a different set of growth drivers in the country like the revival of the health sector, exports, increase in the global manufacturing index—it is ranked second by Cushman and Wakefield. Other factors included increased economic activity, achieving renewable energy targets, the highest-ever foreign exchange reserves, and transformational initiatives like Gati Shakti.
Puri pointed out that the country's petrol consumption has increased by 16 percent and diesel consumption, by 10 percent to 12 percent higher from pre-COVID days.
"The stock market has risen by 250 percent from the March 2020 lows to touch the 62,000 mark, which in itself was a major achievement," the minister said.
On Air India’s privatization, Puri said that the fact that both the bids were higher than the reserved price only proved that Air India was a first rate asset.
The choice before the government, he argued, was not between privatization and non-privatization, but between privatization and closing the airline.
Explaining the reasons for the success of Air-India’s privatization, the minister added that the government had learned from its past failures and considered it as a major achievement because the privatization was carried out during the COVID-19 pandemic when most of the aircraft had been grounded and the airline industry was suffering.
The reasons for such high energy prices, Puri clarified that same is because the supply curve had been kept below the demand curve by the crude producing countries and such high prices were undermining the global economic recovery and hurting the interests of both the developing and developing countries.
While refusing to disclose any details on the privatization of oil major Bharat Petroleum, the minister assured the delegates that the process was proceeding well and was something that would be achieved in the near foreseeable future.