On Wednesday, Chief Economic Advisor (CEA) Anantha V Nageswaran said that the size of the Indian economy is projected to cross USD 5 trillion in 2026-27 and will likely become USD 20 trillion by 2040. He made the remarks while addressing an event organised by the Department of Economic Affairs.
Nageswaran also stated that the structural reforms of the Central Government, such as the Goods and Services Tax (GST) and the Insolvency & Bankruptcy Code (IBC) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate.
He underlined that for these reasons, India is forecasted by the International Monetary Fund (IMF) to cross USD 5 trillion by 2026-27.
He also talked about the possible growth of GDP by 2040. “If the GDP of the country doubles every 7 years, we will be USD 20 trillion GDP by 2040 with the per capita income close to USD 15,000” he said, as reported by news agency ANI.