New Delhi: On Thursday, TV Somanathan, Finance secretary, said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked the Indian diaspora to act as a catalyst and supplement government efforts in making India the biggest opportunity.
Currently, India is the fifth largest economy in the world. The top four are the US, China, Japan and Germany. An S &P Global report earlier this month projected India’s economy to double to $6.7 trillion by 2031 from $3.4 trillion currently. “India is already the world’s fifth largest economy, and it is the largest country by population.
India’s growth rate by any measurement is much faster than the top four. Today, we can safely say that all four will likely have lower growth rates than India in the foreseeable future. “… in terms of the size of the opportunity, India is arguably the biggest development opportunity of the future because we are large, and we are growing faster than the other large economies,” Somanathan said in his address at the Indiaspora G20 forum.
The Indian economy grew at 7.2 per cent in 2022-23, and economists peg GDP growth to be 6-6.5 per cent in the current fiscal (April- March). The top bureaucrat in the finance ministry asserted that India is the “most beautiful opportunity in the world” and the extent to which India harnesses this opportunity will mainly depend not on the diaspora but on India’s domestic policies and population.