India expected to become $7 trillion economy in seven years: CEA

11 Jan 2023 CW Team

According to Chief Economic Advisor V Anantha Nageswaran, the Indian economy would be worth USD 3 trillion by the end of the current fiscal year 2022-23, and will be worth USD 7 trillion in the next seven years. The government earlier stated that India's economy would reach USD 5 trillion by 2025.

Speaking at a seminar held by MCCI, Nageswaran stated virtually that the calendar year 2023 began in the background of the continuous conflict between Russia and Ukraine, which will "raise geo-political and geo-economic concerns".

The other key factor is China's opening up after two years of the epidemic, and its impact on the global economy, particularly on falling oil and commodity prices, as well as on the growth of the advanced economies of the United States and Europe.

"In these contexts, the Indian economy will be of the size of USD 3 trillion at the end of March 2023 and USD 7 trillion in the next seven years, which is not impossible," Nageswaran said.

The CEA also said the most important issue is that the US is expected to lower its interest rates in 2024 or 2025, which will have an impact on the Indian rupee. The National Statistical Office has predicted that the economic growth of the country in 2022-23 will be seven per cent in real terms and 15.4 per cent in nominal ones, the economist said.

Also Read
Immediate need for transportation decarbonization: Nitin Gadkari
MMRDA issues tender for Metro Line 12

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..