Addressing the event, the CEA said, “On the face of it, looks optimistic, even ambitious, but if we get to $5 trillion by 2026-27."
"We are now $3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10% nominal GDP growth in dollar terms, then you get to $10 trillion by 2033-34 and another doubling with the same rate," he further said.
Nageswaran also said that India is relatively better placed than other emerging economies.
Prime Minister Narendra Modi had in 2019 envisioned to make India a $5 trillion economy and global powerhouse by 2024-25.
The advisor noted that there is a need for climate tagging of the budget.
"GDP is the worst measure of economic activities but for all others. Because everything else you take, comes with their own limitations and serious subjectivity," he added.
Nageswaran had earlier said that the country has shown exemplary resilience in recovery from the COVID-19 pandemic crisis.
"India has shown an exemplary resilience in recovering from a crisis due to the COVID-19 pandemic," he had said.
All major activities and parameters of the economy have crossed their pre-COVID levels, and it is now enjoying macroeconomic tailwinds, according to Nageswaran.
Quick and precise steps have been taken by the government at the policy level, which was supported by the Reserve Bank of India's timely interventions, he had said.
The World Bank has cut India's economic growth forecast for the current financial year to 7.5% as rising inflation, supply chain disruptions, and geopolitical tensions taper recovery.
India's economy grew 8.7% in the last fiscal (2021-22) against a 6.6% contraction in the previous year.
In its third monetary policy of FY23, the central bank retained its GDP growth forecast at 7.2% for the current financial year, but cautioned against negative spillovers of geopolitical tensions and a slowdown in the global economy.
