India to become $5 trillion economy by 2024-25: Hardeep Puri
Union Petroleum Minister, Hardeep Singh Puri predicts that India's economy will hit a $5 trillion valuation by 2024-25 and double to $10 trillion by 2030. Currently, India's economy is valued at around $3.7 trillion. Puri told ANI, "I was somewhere told that we would be a $5 trillion economy by 2028. I told him that there is no need to wait until 2028; it will happen by 2024-25. We will then be a $10 trillion economy by 2030."
Puri revises target from 'much before 2028' to 2025
"Lord Ram is blessing us. We are the fifth-largest economy and the fourth-largest stock market," exclaimed Puri. "I think that in the next 1-2 years, we will not only be the fourth-largest economy but we will go further ahead," Puri added. Just last week, at a CII-EY session during the World Economic Forum Annual Meeting 2024, Puri said India will become a $5 trillion economy much before 2028.
Factors contributing to India's economic growth
The National Statistics Office anticipates India's economy to grow by 7.3% in the current financial year (2023-24), maintaining its status as the fastest-growing major economy. India experienced GDP growth rates of 7.2% in 2022-23 and 8.7% in 2021-22. Factors such as manageable inflation, political stability at the central government level, and signs that the central bank is done tightening its monetary policy have contributed to a positive outlook for India's stock market.
India becomes fourth-highest equity market globally
India recently overtook Hong Kong as the world's fourth-largest equity market, with market capitalization reaching $4.33 trillion, compared to Hong Kong's $4.29 trillion. India's stock market capitalization first surpassed $4 trillion on December 5, 2023, with about half of that growth occurring in the past four years. The top three global stock markets are the US, China, and Japan. In 2023, Sensex and Nifty50 saw cumulative gains of 17-18%, a significant increase from the 3-4% gains in 2022.
