India to become $10 TRILLION economy by 2030 – minister

Economic growth in India is accelerating as the pandemic has led to the revival of the nation’s health sector and increased exports, Minister of Petroleum and Natural Gas of India Hardeep Singh Puri says.

Other growth factors include increased economic activity, the country’s rise in the global manufacturing index, the achievement of renewable energy targets, the highest-ever foreign exchange reserves, and transformational initiatives.

While speaking at the Public Affairs of India (PAFI)’s 8th National Forum by video conference, Puri said, “I am confident that we are on our way to becoming a $5 trillion economy by 2024-25 and a $10 trillion by 2030, from the $2.7 trillion to $2.8 trillion economy of today.”

According to the minister, India’s “stock market has risen by 250% from the March 2020 lows to touch the 62,000 mark, which in itself was a major achievement.”

He also pointed out that the country’s petrol consumption is 16% higher than pre-Covid levels, while diesel consumption is 10-12% higher.

“High price of energy undermines global economic recovery,” Puri said, adding that the prices are hurting the interests of both developed and developing countries.

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