According to Chief Economic Advisor V. Anantha Nageswaran, the Indian economy would be worth $3 trillion by the end of the current fiscal year 2022–2023 and is projected to grow to $7 trillion in the following seven years. India’s government had earlier predicted that its economy will reach $5 trillion by 2025.
Nageswaran essentially said that the year 2023 started in the midst of the current conflict between Russia and Ukraine, which will “cause geo-political and geo-economic concerns” when speaking at a session hosted by MCCI.
The other significant factor is China’s opening up following the pandemic’s two-year duration and its effects on the global economy, particularly on falling oil and commodity prices as well as the expansion of the developed economies in the US and Europe.
This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.