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India’s continued systemic reforms and participation in the global value chains will accelerate its path to a $7-trillion economy, finance minister Nirmala Sitharaman said on Monday, stressing the importance of the India-Middle East-Europe Economic Corridor (IMEC) for international trade.
“(We) will look at (making) Indian economy a lot more open and transparent to ensure manufacturing and exports. Global value chain participation is important for India to reach a $7-trillion economy,” Sitharaman said in a virtual address to the India Global Forum annual event at Dubai.
In October, S&P Global Market Intelligence said India will likely overtake Japan and Germany to become the world’s third-largest economy with a gross domestic product (GDP) of $7.3 trillion by 2030. India’s nominal GDP measured in US dollar terms was $3.5 trillion in 2022.
