New Delhi : India is on track to doubling the size of its economy to $5 trillion by 2025, the finance ministry said on Monday while asserting that the inflation target set by the Reserve Bank of India (RBI) will not be breached.
The country is well poised to clock a growth rate of 7-8 per cent and with focus on start-ups, MSMEs and infrastructure investment it can step on to higher growth pedestal, Economic Affairs Secretary Subhash Chandra Garg said.
“I think it is very reasonable to expect, if the economy remains focused on producing goods and services and generate demands for next 7-8 years…we can achieve the level of $5 trillion of economy by 2025. That’s the reasonably set goal,” Garg said. India’s GDP in value terms currently stands at $2.5 trillion — making it the sixth largest economy in the world.
“We have been extremely successful in adhering to that (inflation target) and going forward also I don’t see any major risk in not adhering to that,” Garg said.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)