Big news that is taking all the limelight is that India will be a $7-trillion economy in the upcoming seven years if the present growth trajectory is kept, Anantha Nageswaran, chief economic advisor (CEA) said on Saturday.
“We are the fifth largest economy on course to become the third largest economy in a few years. I will say 7-in-7 is the slogan, which means a $7-trillion economy in the next seven years. It is conceivable if India maintains its present growth trajectory, and in that journey, startup entrepreneurs will have an important role to play,” he said.
According to current Reserve Bank of India estimations, the Indian economy is anticipated to rise 6.5% this financial year, lower than the 7.2% documented in 2022-23.
The International Monetary Fund (IMF) has projected growth of 6.3% every year till 2028.
On Sunday while delivering the leadership talk at the Huddle Global 2023 of Kerala Startup Mission (KSUM) in Thiruvananthapuram V Anantha Nageswaran the Chief economic advisor said startups will play a crucial role in enabling India to to become the third largest economy in the world.
He said that India's tier 2 and tier 3 cities enclosing Thiruvananthapuram have turned out to be game changers in supporting startups to flourish in India.
During his Leadership Talk, Nageswaran said that India is on the road to being the third-largest economy in a few years.
The enthusiastic participation of startups in India in evolving business models on the foundation of extending physical and digital infrastructure will continue to induce efficiency, revenue, and economic returns for the country, he said.
Nageswaran furthermore said “The culture of startups, entrepreneurship, and innovation is one pandemic that India should experience continuously.
The last ten years have seen an exceptional modification in the startup landscape in India, which has arisen as the third largest ecosystem worldwide, with over 1.12 lakh startups currently recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) across 763 districts.
By: Manika Sharma