India on track to become $5 trillion economy by 2024-25, 10 trillion by 2030: Hardeep Puri

Backing the government’s economic policies, Union Minister Hardeep Singh Puri on Thursday said that India is on its way to becoming a USD 5 trillion economy by 2024-25. He further said that the country will be a USD 10 trillion economy by 2030. Puri’s claims were backed by the fact that the pandemic revived the health sector, exports and lead to an increase in the global manufacturing index.

Hardeep Puri was speaking at the Public Affairs of India (PAFI)’s 8th National Forum through video conference, when he claimed that India’s economy was on the growth to reach USD 5 trillion. “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,” Puri said. The minister’s optimism stemmed from the pandemic led 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.

Increased economic activity, achieving renewable energy targets, the highest-ever foreign exchange reserves, and transformational initiatives like Gati Shakti are some other factors that backed Puri’s claim. Meanwhile, the minister also pointed out that the use of fuel has increased in the country by a large per cent. As stated by Puri, India’s petrol consumption has increased by 16 per cent while diesel consumption, by 10 per cent. This is 12 per cent higher than pre-COVID days. The minister also said that the stock exchanges in the country were in a promising position. “The stock market has risen by 250 per cent from the March 2020 lows to touch the 62,000 mark, which in itself was a major achievement,” he said.

'Air India privatisation is a great success'

Hardeep Puri backed the decision to privatise Air India and said that the bids received for the privatisation of the company only proved that the airlines were the first-rate asset. Explaining the decision, he also said that the government would have closed down Air India if it wasn’t privatised. Further explaining the success of Air-India privatisation, the minister added that the government had learned from its past failures. He also added that the privatisation being carried out during the COVID-19 pandemic when the airline industry was suffering was a major achievement.

While refusing to disclose any details on the privatisation of oil major, Bharat Petroleum, the Minister assured the delegates that the process was functioning well and the achievements will be seen in the near foreseeable future. He also claimed that the success of the Air India privatisation would help in any future privatisation and asset monetisation plans.

(With ANI inputs)

Image: PTI