India set to grow into a $5trn economy over the next 5 years

Pedro Gonçalves
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India set to grow into a $5trn economy over the next 5 years

India's top envoy to the US says that the rapid economic growth and developmental strides of India in the last five years have been transformational and the country  is one of the strongest major emerging economies.

"We see ourselves growing to a $5trn economy in the next five years to 2024 and eight years after that, we see ourselves as $10trn economy," India's Ambassador to the US, Harsh Vardhan Shringla said,  The Hindu Business Times reports.

The diplomat was speaking at an event organised by the Federation of Indian Chambers of Commerce and Industry with the George Washington University's Institute for International Economic Policy in DC.

We see ourselves growing to a $5trn economy in the next five years to 2024 and eight years after that, we see ourselves as $10trn economy"

"We have made huge strides in the last five years. I think it has been transformational the way we have grown," Shringla said. "Inflation is also seen as an unpaid tax on the middle class and the poor. So bringing down inflation, bringing down fiscal deficit is good governance and good management of the economy," he said, adding that India has been successful in attracting $259bn in Foreign Direct Investment, 90% of which has come through the automatic route.

There is a vision that in the next five years, India would become a $5trn economy, he highlighted. "We have already grown in the last five years from being the 11th largest economy in the world to the sixth. And this year we might as well become the fifth largest economy," Shringla said.

At the same time, the Indian envoy said that India needs a high level of growth to achieve this goal.