New Delhi: Union Petroleum Minister Hardeep Puri expressed confidence that the Indian economy is on track to reach USD 5 trillion in the next financial year (2024-25) and aims to double to USD 10 trillion by the end of the decade. The current estimated size of the Indian economy is around USD 3.7 trillion. Puri attributes this positive trajectory to various factors, including increasing global interest in India across sectors such as digital infrastructure, automobiles, energy, and biofuels. He anticipates India becoming the fourth-largest economy sooner than expected, possibly by 2024-25.

Puri highlighted the steady growth of India's stock market, making it the fourth-highest equity market globally. The combined market value of shares listed on Indian exchanges recently surpassed USD 4 trillion, surpassing Hong Kong. The minister also cited factors contributing to the optimistic outlook, such as firm GDP growth forecasts, manageable inflation levels, political stability, and signals of the central bank concluding its monetary policy tightening. India's stock market capitalization crossed USD 4 trillion for the first time in December 2023, with substantial gains in the past four years.

India's economic growth is forecasted at 7.3% for the current financial year (2023-24), maintaining its position as the fastest-growing major economy. The country achieved 7.2% growth in 2022-23 and 8.7% in 2021-22. Foreign portfolio investors are showing renewed interest in the Indian stock market, contributing to all-time highs for benchmark stock indices. Despite some turbulence, the past 12 months have been financially rewarding for investors in Indian stocks, with significant gains in 2023 compared to the modest growth in 2022.

The minister's positive outlook is aligned with the broader economic sentiment, emphasizing India's potential to emerge as a major global economic player in the coming years.

Dense Fog Grips Delhi-NCR Amid Ongoing Coldwave; Flights Delayed

Police Encounter in Meerut: Inspector Shot in Pursuit of Stolen Car

Punjab and Haryana High Court Directs Chandigarh Administration to Expedite Mayoral Election