TIL Desk/Business/New Delhi/ India is eyeing the tag of the world’s third-largest economy by 2030, after overtaking France as the sixth-largest economy and coming close to the UK, which is at the fifth place. Economic Affairs Secretary Subhash Chandra Garg said on Saturday the Indian economy is at a take-off stage and is expected to be the world’s third largest by 2030 with GDP worth $10 trillion.
This means India is aiming to overtake the UK, Japan and Germany by 2030, to be behind only the US and China. In the first 40 years of independence, the country hardly grew at 3.5 per cent and today, 7-8 per cent is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.
“Eight per cent growth is very much achievable… If we keep that… we can look forward to be an Indian economy of $10 trillion, which will be the third-largest economy in the world,” Garg said. What Garg said is a possibility, at least theoretically. According to the World Bank data, India had a GDP of $2.59 trillion in 2017, higher than $2.58 trillion of France.
