"If India Maintains 6 Per Cent Growth...": NITI Aayog Member Predicts Outcome
New Delhi:
India is all set to become the third largest economy in the world by 2027-28, Dr Arvind Virmani, member of government think tank NITI Aayog has told NDTV in an exclusive interview.
"My assessment is that India will become the third-largest economy in the world by the end of 2027 or by 2028," he said. India's economy will even surpass Germany - currently the third largest -- in size.
If the Indian economy continues to grow at a rate of 6 per cent to 6.5 per cent annually for the next 25 years, then by 2050, India could reach the level of China's economy, he said.
On a related note, he said the proposed Bilateral Trade Agreement between India and the United States is extremely crucial for India's economic expansion.
India, he said, is expected to reach the spot of the fourth largest economy by the end of this financial year - the spot now occupied by Japan.
Underscoring the roadmap for the next few years, Dr Virmani also said ending the uncertainty over tariffs is essential, as it is negatively impacting international trade and commerce.
Over the next few years special attention is also needed to "diversify sources of manufacturing" -- which could even be the most important step.
NITI Aayog had announced last week that the country has reached the fourth largest economy slot.
Citing IMF data, NITI Aayog CEO BVR Subrahmanyam said on Saturday, "We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak".
"It is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy," Mr Subrahmanyam had said.
Dr Virmany, however, said today that the data confirming this would come next year.
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