FinMin Charts Path to $5tn Economy by FY29

Unleashing the productive potential of micro, small, and medium enterprises; streamlining regulatory obligations; ensuring land availability at a reasonable price; and securing energy needs—these are some of the measures that will "guarantee" further acceleration of India's economic growth, according to a note prepared by the Union finance ministry.

- Saubhadra Chatterji & Rajeev Jayaswal

NEW DELHI:

The note, "Roadmap for $5 trillion economy in light of global economic and geopolitical circumstances," underscored the need for caution on the depreciation of the Indian currency against the dollar, which could delay the country's march towards becoming a $5 trillion economy.

Last month, the parliamentary standing committee on finance led by senior BJP lawmaker Bhartruhari Mahtab held a meeting with the chief economic adviser V. Anantha Nageswaran to discuss India's prospects of becoming a $5 trillion economy.

In its note, the finance ministry said India was a $3.57 trillion economy in FY24 and that at the annual trend growth of around 6.5–7%, the target of $5 trillion would be achieved by 2028–29.