Form of words:
New Delhi: Union Minister Hardeep Singh Puri said that India will become a $5 trillion economy by 2024-2025 and a $10 trillion economy by 2030, which is a pre-covid $2.89 trillion economy.
Puri, who holds portfolios of petroleum and natural gas as well as housing and urban affairs, was addressing a session on reviving the economy at the 8th National Forum organized by the Public Affairs Forum of India (PAFI), a non-profit organization. Were. Society consisting of organizations working in the field of public policy and corporate affairs. He was talking to Shekhar Gupta, editor-in-chief of ThePrint.
In 2019, PM Narendra Modi said He wanted India to become $5 trillion by 2024, but this was before the covid pandemic took a hit on the global economy. However, Puri said the pandemic has produced “an entirely different set of growth drivers”.
“There were areas where we were almost absent, but the pandemic and vulnerability of the global supply chain made us realize that unless we do our part together, we will not survive,” he said.
He cited “India’s contribution to the revival of the health sector, PPE (personal protective equipment), masks and in-house production of Remdesivir” as examples of developments.
“We are ready for growth and I don’t think it would be too risky to say that India will easily become a $5 trillion economy by 2025,” he said.
Gupta, who was moderating the session, said that “for India to achieve this figure, we need a modest growth rate of at least 20 per cent”. “If we can do that, it will be like the over-developed states of East Asia many decades ago,” he said.
Shifting the conversation to rising fuel prices, Gupta asked how long the hike would continue and why there is no elasticity in pricing.
“When economic growth is accelerating, consumption will not fall as a result of higher prices. Higher energy prices can, of course, undermine the global economic recovery, and certainly will,” Puri said. We are taking a large number of actions. I am in touch with my counterparts in UAE, Saudi Arabia, Russia.
On privatization of Air India
Among other things, Puri also weighed Sale of Flag Carrier Air India to the Tata group earlier this month.
“The choice was not between privatization and privatization, it was between privatization and shutting down the airline. I was one of the few who said it would be done.”
Gupta described the sale as a “historic event”.
“It was the only Indian brand to be known globally, making it even more challenging to privatize,” he said. “This key can burn For many other successes ahead. ”
“We learned from past mistakes”, said Puri.
“But more importantly, as we moved forward, we introduced reforms. At a time when civil aviation was drenched by the effects of Covid, it took some form of persuasion and outreach to ensure that potential buyers The margin was needed to ensure that we are under lockdown or there is less domestic and international traffic,” Puri said, describing Air India as a first-class asset.
The Union Minister said that the success of this sale has created a positive environment on the privatization and economic front. PSU Bharat Petroleum Corporation Limited (BPCL), he said, is next in line.
“I expect there will be many bidders for BPCL. When you are dealing with assets like BPCL, it is not as complicated as Air India. I will not put any timeline for this, but it will happen in the near future,” he said.
(Edited by Sunanda Ranjan)
Read also: India can still become $5 trillion economy by 2024, PM Modi shows hope despite Covid shock
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