News Arena

Join us

Home
/

pm-eac-member-sanjeev-sanyal-forecasts-india-as-4th-largest-economy-by-fy25

Nation

PM EAC member Sanjeev Sanyal forecasts India as 4th largest economy by FY25

India is poised to achieve a significant milestone in its economic journey, as projected by Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister (EAC-PM).

News Arena Network - New Delhi - UPDATED: May 16, 2024, 06:25 AM - 3 mins read

PM EAC Member Sanjeev Sanyal.

PM EAC member Sanjeev Sanyal forecasts India as 4th largest economy by FY25

PM EAC Member Sanjeev Sanyal.


India is poised to achieve a significant milestone in its economic journey, as projected by Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister (EAC-PM).

 

Sanyal predicts that by the fiscal year 2024-25, India's economy will reach the USD 4 trillion mark, propelling it to become the world's fourth-largest economy, surpassing Japan.

 

Sanyal's optimism stems from India's steady economic growth trajectory, despite facing challenges such as weak exports. He views a 7 per cent growth rate as commendable, considering the prevailing constraints. This fiscal year, India is anticipated to achieve the USD 4 trillion economy milestone, according to Sanyal.

 

Finance Minister Nirmala Sitharaman had earlier indicated India's trajectory towards becoming the world's third-largest economy by 2027, overtaking Japan and Germany. Currently ranked fifth globally in nominal terms, India's economy stands at approximately USD 3.7 trillion.

 

Highlighting Japan's economy slightly ahead at USD 4.1 trillion, Sanyal predicts India's imminent overtaking of Japan's position. He also anticipates India surpassing Germany, currently a USD 4.6 trillion economy, in the near future.

 

Sanyal advocates for a pragmatic approach towards economic growth, cautioning against overly aggressive fiscal measures to achieve 8-9 per cent growth. He emphasises the significance of sustained growth around 7 per cent, citing its positive implications for job creation and revenue generation.

 

While various institutions project India's growth rate for FY25 differently, Sanyal advises against fixating on achieving exceptionally high growth rates in any specific year.

 

He draws attention to Southeast Asian countries' experiences in the mid-90s, cautioning against reckless economic policies that could lead to crises.

 

Regarding the internationalisation of the rupee, Sanyal underscores India's aim to establish the rupee as a hard currency over the next decade.

 

This objective involves enhancing the rupee's prominence in global trade and financial transactions, without aspiring to become the world's anchor currency. Measures such as inflation rate targeting are part of India's strategy to bolster the rupee's international acceptance and utility.

 

Sanyal's insights shed light on India's economic aspirations and the strategic approaches required to realise them. As India continues its journey towards economic prominence, prudent policies and steady growth are essential for sustainable development and global integration.

Related News
Over 200 Events and 80 Interviews PM Modi Wraps Up Election Campaign, To Meditate in Kanyakumari for 24 Hours.

PM Modi to meditate after hectic election campaign

May 30, 2024, 03:55 AM - 3 mins read

Kejriwal Requests Bail for Health Reasons ED Opposes.

ED asked to respond to Kejriwal's bail request

May 30, 2024, 03:44 AM - 4 mins read

Image for representative use only.

Clouds over Delhi, heatwave to cool off

May 30, 2024, 03:34 AM - 2 mins read

Delhi residents collect drinking water from a tanker amid ongoing water crisis (left), BJP Mahila Morcha protests outside Minister Atishi's residence (right).

BJP protest against Atishi over water crisis

May 30, 2024, 03:20 AM - 2 mins read

A satellite image of Cyclone Mocha that killed more than 500 across South Asian nations.

Why the Bay of Bengal breeds cyclones?

May 30, 2024, 03:17 AM - 6 mins read

Government Promotes 11 Enforcement Directorate Officers to Joint Director Rank.

11 ED officers promoted to key JD positions

May 30, 2024, 02:54 AM - 3 mins read

Delhi Water Minister Atishi inspects Wazirabad Yamuna Reservoir (left), during interview (right).

Atishi to approach Centre over Delhi water issue

May 30, 2024, 02:15 AM - 2 mins read

(From top clockwise: The crashes Audi Q3 driven by DMK MLA Y Prakash's son Karunasagar Prakash, an Audi after killing a 64-year-old man in Noida, a Rolls-Royce Phantom on the Delhi-Mumbai highway after colliding with an oil tanker leaving both vehicles to ashes, the crashed Pune Porsche after killing two youths).

Fatal crashes spotlight India's luxury car woes

May 30, 2024, 01:30 AM - 5 mins read

Prime Minister Narendra Modi addresses a public meeting for Lok Sabha elections, in Hoshiarpur, Punjab.

PM rues Punjab govt for ruining industry & farming

May 30, 2024, 01:19 AM - 2 mins read

Over 17 million online accounts compromised in Q1 of 2024: Report

Several web accounts compromised in Q1'24: Report

May 30, 2024, 12:01 AM - 3 mins read

Security beefed up in Kanyakumari

Security beefed up for Modi's visit to Kanyakumari

May 29, 2024, 09:16 PM - 6 mins read

SC refuses interim bail to AAP MLA Majra for election campaign.

SC rejects Jaswant Singh Majra's interim bail plea

May 29, 2024, 09:25 AM - 3 mins read

https://www.instagram.com/thelaughclubofficial/
https://www.instagram.com/burraahhh_/

Nation

See All
Over 200 Events and 80 Interviews PM Modi Wraps Up Election Campaign, To Meditate in Kanyakumari for 24 Hours.

PM Modi to meditate after hectic election campaign

May 30, 2024, 03:55 AM - 3 mins read

Prime Minister Narendra Modi concluded his election campaign in Punjab’s Hoshiarpur on Thursday, marking the end of an extensive and intense campaign for the Bharatiya Janata Party (BJP). The campaign, aimed at securing a third term in office for the party, saw PM Modi actively engage in public events and interviews across the country.

Read more
Kejriwal Requests Bail for Health Reasons ED Opposes.

ED asked to respond to Kejriwal's bail request

May 30, 2024, 03:44 AM - 4 mins read

The Rouse Avenue Court issued a notice to the Enforcement Directorate (ED) on Thursday regarding Delhi Chief Minister Arvind Kejriwal’s bail petitions in the Excise Policy money laundering case. Kejriwal, through his legal team, has filed two separate bail applications.

Read more
Image for representative use only.

Clouds over Delhi, heatwave to cool off

May 30, 2024, 03:34 AM - 2 mins read

Weather conditions are anticipated to ameliorate starting Thursday, with a gradual reduction in severe heatwave conditions prevailing over Northwest and Central India.

Read more
Delhi residents collect drinking water from a tanker amid ongoing water crisis (left), BJP Mahila Morcha protests outside Minister Atishi's residence (right).

BJP protest against Atishi over water crisis

May 30, 2024, 03:19 AM - 2 mins read

The city government on Wednesday imposed a fine of Rs 2,000 for wastage of water and formed 200 teams to enforce the penalty.  

Read more
A satellite image of Cyclone Mocha that killed more than 500 across South Asian nations.

Why the Bay of Bengal breeds cyclones?

May 30, 2024, 03:17 AM - 6 mins read

This vulnerability to cyclones is nothing new for the Bay of Bengal, which holds the dubious distinction of being one of the most cyclone-prone regions globally.

Read more
Government Promotes 11 Enforcement Directorate Officers to Joint Director Rank.

11 ED officers promoted to key JD positions

May 30, 2024, 02:54 AM - 3 mins read

The government has promoted 11 Enforcement Directorate (ED) cadre officers to the rank of Joint Director (JD). This significant move marks the first time so many cadre officers have been promoted to this crucial administrative level at once, as stated by official sources.

Read more
Delhi Water Minister Atishi inspects Wazirabad Yamuna Reservoir (left), during interview (right).

Atishi to approach Centre over Delhi water issue

May 30, 2024, 02:11 AM - 2 mins read

Delhi is facing water shortage due to unprecedented summer heat with temperatures hovering around 50 degrees Celsius in parts of the city.  

Read more
(From top clockwise: The crashes Audi Q3 driven by DMK MLA Y Prakash's son Karunasagar Prakash, an Audi after killing a 64-year-old man in Noida, a Rolls-Royce Phantom on the Delhi-Mumbai highway after colliding with an oil tanker leaving both vehicles to ashes, the crashed Pune Porsche after killing two youths).

Fatal crashes spotlight India's luxury car woes

May 30, 2024, 01:29 AM - 5 mins read

In 2022, authorities recorded a total of 4.61 lakh road accidents, resulting in 1.68 lakh deaths and 4.43 lakh injuries. Alarmingly, overspeeding was a major factor, contributing to 1.19 lakh of these deaths.

Read more
Prime Minister Narendra Modi addresses a public meeting for Lok Sabha elections, in Hoshiarpur, Punjab.

PM rues Punjab govt for ruining industry & farming

May 30, 2024, 01:19 AM - 2 mins read

Targeting the Congress and the INDIA bloc, he said they sought proof of surgical strike and never cared about the army and emptied the government exchequer.

Read more
Over 17 million online accounts compromised in Q1 of 2024: Report

Several web accounts compromised in Q1'24: Report

May 30, 2024, 12:01 AM - 3 mins read

In the most recent quarter, India’s breach rate was 13.3 times higher than Bangladesh’s (1.3 million) and 4.1 times lower than China’s (70.6 million).

Read more
Security beefed up in Kanyakumari

Security beefed up for Modi's visit to Kanyakumari

May 29, 2024, 09:16 PM - 6 mins read

Indian Coast Guard and Indian Navy to maintain tight vigil.

Read more
SC refuses interim bail to AAP MLA Majra for election campaign.

SC rejects Jaswant Singh Majra's interim bail plea

May 29, 2024, 09:25 AM - 3 mins read

The Supreme Court has denied interim bail to Aam Aadmi Party (AAP) MLA Jaswant Singh Gajjan Majra from Punjab. Majra sought the bail to campaign for the ongoing Lok Sabha elections.

Read more

TOP CATEGORIES

  • Nation

QUICK LINKS

About us Rss FeedSitemapPrivacy PolicyTerms & Condition
logo

2024 News Arena India Pvt Ltd | All rights reserved | The Ideaz Factory