By 2030 India is Expected to be a 10 Trillion Economy: Garg

Economic Affairs Secretary Subhash Chandra Garg said today that the Indian economy is on a stage of "take off" could be the world's third largest by 2030 with a GDP (gross domestic product) worth $10 trillion.

"Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high," he said to PTI reporters.

He further said that in the first 40 years of independence, the country hardly grew at 3.5 percent it is now maintained the 7 to 8 percent margin at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.

"By 2030, we can legitimately expect to be a $10 trillion economy. That is the challenge. That is also the opportunity," Garg said. "Eight percent growth is very much achievable... If we keep that... we can look forward to being an Indian economy of $10 trillion which would be the third largest economy in the world," Garg said.

His statement comes in the backdrop of the latest release of World Bank data showing India as the sixth largest economy in the world, surpassing France, in 2017.

With a GDP of $ 2.59 trillion, India pushed France to the seventh position, according to the data.

"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 said. The country's economy grew at a seven-quarter high of 7.7 percent in the three months ended March 2018, aided by higher government spending and investments.

Inputs from PTI