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Indian digital economy likely to touch $1 trillion-mark by 2022: DEA Secy

Garg also underscored that 7-8 per cent rate of growth has become a norm for India

ANI  |  New Delhi 

Economic Affairs Secretary Subash Garg
Economic Affairs Secretary, Subash Garg

Economic Affairs Secretary Subhash Chandra Garg on Saturday said that India's is expected to touch $1 trillion mark by 2022.

"We expect the to be a $1 trillion by 2022 and going forward... possibly by 2030, the would be half of the total economy," Garg said at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) on Saturday.

The Economic Affairs Secretary further said that India is the sixth largest world economy and it would become fifth largest economy by 2022.

"We will become 5th largest economy by 2022. If a situation is favourable then we can become 5th largest economy by 2019 hopefully," he noted.

Garg also underscored that 7-8 per cent rate of growth has become a norm for India. "We have to work hard to grow above the 8 per cent growth rate. The economy is stable."

"Good days are ahead and a lot of good work is happening in the economy. The economy is on a stage of takeoff where Indians can legitimately hold their heads high," he said.

Expressing optimism, the Economics Affairs secretary said, "By 2030 we can expect 10 percent growth rate. This is a challenge but we can achieve. This is a challenge as well as an opportunity for us."

His comments came in the backdrop of latest showing that India emerged as the sixth largest economy in the world, surpassing France, last year.

India became the sixth largest economy with a of $2.59 trillion in 2017.

First Published: Sun, July 15 2018. 08:11 IST