Union Minister Hardeep Singh Puri on Thursday, October 21, 2021, expressed confidence that India will become a $5 trillion economy by 2024-25 and $10 trillion by 2030.
Speaking at a virtual conference of PAFI India, Union Minister Hardeep Singh Puri said, “Economic growth is accelerating. India is poised for growth to become a $5 trillion economy by 2024-25.
On the disinvestment of Bharat Petroleum Corporation, the Union Minister said, all feedback is proceeding well. The Minister of Petroleum and Urban Development also hailed the recent disinvestment of Air India.
On the pace of economic growth, he said petrol consumption is 16 per cent higher than pre-covid levels, while diesel consumption is 10-12 per cent higher. He added that the stock market has also registered a growth of 250 per cent since March 2020.
Union Minister Hardeep Singh Puri mentioned that the pandemic has given rise to a different set of growth drivers – revival of the health sector, exports, global manufacturing risk index, growth in economic activity, achieving renewable energy targets and initiatives like Gati Shakti, Foreign exchange reserve.
On higher energy and oil prices, the Union Minister said that the supply curve has been kept below the demand curve, which leads to high prices.
“High price of energy undermines global economic recovery. It is ideal to release increased output into the market and it will also be in the interest of the producing country. For India, the Center and the state in the spirit of cooperative federalism need to pool their resources to keep prices in check,” he added.