In a special interactive session, Chief Economic Advisor V Anantha Nageswaran voiced optimism about India’s economic prospects.
His discussion focused heavily on India’s expected ascent in the world economy. In 2014, we had the tenth-largest economy; by 2027, we hope to have the third-largest economy. He emphasised that in order for this development to occur, the country must continue to “do the right thing,” he
added.
Since the turn of the millennium, India has contributed six times more to the growth of the global GDP. He declared that “India is set to become the third-largest contributor to the global GDP this year.”
India’s digital transformation is a major factor in its future growth. He demonstrated how, exceeding even the biggest and most advanced economies in the world, India’s development of its digital infrastructure through public-private partnerships is enabling inexpensive and sustainable access to digital services for all.
Although the government is making progress in increasing the nation’s logistics efficiency, the private sector must also make investments in long-term R&D and quality enhancement. Beyond the cities, India’s startup ecosystem is expanding, promoting entrepreneurship and creating jobs.
With a projected GDP growth rate of 7.2% for 2022–2023, India is one of the world’s fastest-growing major economies and has shown remarkable resilience in the face of global economic downturns.