Indian economy on ‘take off’ stage, says Economic Affairs secretary

New Delhi, July 15: The Indian economy is at a "take off" stage and is expected to be the world's third largest by 2030 with GDP worth USD 10 trillion, Economic Affairs Secretary Subhash Chandra Garg said today.

"Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high," he said here.

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.

"By 2030, we can legitimately expect to be a USD 10 trillion economy. That is the challenge. That is also the opportunity," he said.

"Eight per cent growth is very much achievable... If we keep that... we can look forward to be an Indian economy of USD 10 trillion which would be the third largest economy in the world," Garg said.

His comments come on the heels of latest World Bank data showing that India has emerged as the sixth largest economy globally, surpassing France, in 2017.

In 2017, it became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, according to the data.

"We expect the Indian economy to be a USD 1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy," Garg said.

India's economy grew at a seven-quarter high of 7.7 per cent in the three months ended March, helped by higher government spending and investments.