India will become a US$ 5 trillion economy by 2024-25: Hardeep Puri.
On Thursday, Union Minister Hardeep Singh Puri said that India will become a USD 5 trillion economy by 2024-25 and USD 10 trillion by 2030.
Speaking at the 8th National Forum for Public Affairs of India (PAFI) via video conference, Puri said, “I am confident that we are on our way to become a USD 5 trillion economy and USD 10 trillion economy by 2024-25. are at. 2030, an economy of USD 2.8 trillion from today’s USD 2.7 trillion.”
His optimism stems from the fact that the pandemic has sparked a different set of growth drivers in the country such as the revival of the health sector, exports, a rise in the global manufacturing index- this is second only to Cushman and Wakefield. Other factors include increased economic activity, achieving renewable energy targets, highest ever foreign exchange reserves and transformational initiatives such as Gati Shakti.
Puri informed that the consumption of petrol in the country has increased by 16 per cent and diesel consumption from 10 per cent to 12 per cent, which is higher than the pre-covid days.
The Union Minister said, “The stock market has risen by 250 per cent to the 62,000 mark from the low of March 2020, which was a big achievement in itself.”
On the privatization of Air India, the minister said the fact that both the bids were higher than the reserve price only proved that Air India was a first rate asset.
He argued that the choice before the government was not between privatization and de-privatization, but between privatization and shutting down the airline. Explaining the reasons for the success of privatization of Air-India, the Minister said that the government has learned from its past failures and considered it as a great achievement as the privatization was done during the COVID-19 pandemic, when Most of the aircraft were grounded. Grounded and the airline industry was suffering.
Because of such high energy prices, Puri explained that this is because the supply curve was placed below the demand curve by crude producing countries and such high prices were undermining the global economic recovery and were affecting the developing and developing countries. harming the interests of both the countries. .
Refusing to divulge any details on the privatization of oil major, Bharat Petroleum, the minister assured the delegates that the process is progressing well and something will be achieved in the near future. He said that the success of privatization of Air India will help in privatization and asset monetization in future.
(with ANI inputs)
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