Government Takes Steps To Make 5 Trn Indian Economy Early Union Minister Pankaj Chaudhary rah mgbNews WAALI

The government told the Rajya Sabha on Tuesday that it is taking steps to make India a $5 trillion economy ahead of the International Monetary Fund’s one-year forecast of 2026-27. The IMF’s World Economic Outlook earlier said India’s economy would grow from US$3.2 trillion in 2021-22 to US$3.5 trillion in 2022-23 and cross US$5 trillion in 2026-27.

The Minister of State for Finance Pankaj Chaudhary said in a written reply in the Upper House that the government is taking steps to make the country a $ 5 trillion US dollar economy early. Noting that the outbreak of the Corona epidemic in 2020 and the conflict between Russia-Ukraine in 2022 have affected global production, this has increased inflation in several countries and created uncertainty in the global economy.

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Pankaj Chaudhary said less uncertainty in the global economic outlook would help. India is the first 5 trillion dollar economy. Some of the key initiatives taken by the government in the past to promote economic growth include building a national infrastructure pipeline of projects, increasing capital expenditure, implementing the Production Linked Incentive (PLI) scheme, a national monetization pipeline which include completion of the line. He said that the assets of the public sector and the formulation of a national logistics policy.

The minister added that capital expenditure would be accelerated by PM Gati Shakti for integrated infrastructure planning and coordinated project implementation across all central ministries, departments and state governments.