Chief economic advisor (CEA) Anantha Nageswaran predicted on Saturday that if the current growth trajectory is sustained, India’s economy will reach $7 trillion in the next seven years.
“In a few years, we will rise from our current position as the fifth largest economy to the third rank. The current catchphrase is “7-in-7,” which stands for “7-trillion economy in seven years.” If India continues on its current growth track, it is feasible, and startup entrepreneurs would be crucial to that process, he stated.
The Indian economy is predicted to grow by 6.5% this fiscal year, down from 7.2% in 2022–2023 according to current RBI predictions. Up until 2028, the International Monetary Fund (IMF) projects growth of 6.3% year.
At the Kerala Startup Mission (KSUM) Huddle Global 2023 in Thiruvananthapuram, the CEA was giving the leadership talk.
According to Nageswaran, the country’s tier-2 and tier-3 cities—including Kerala’s capital—are becoming startup powerhouses thanks to improvements in infrastructure and encouraging government policies.
He stated that the nation will continue to reap the benefits of increased productivity, income, and economic returns due to the active involvement of Indian startups in creating business models built on the foundation of growing physical and digital infrastructure.
One pandemic that India would like to continue experience is the culture of innovation and entrepreneurship. It needs to get around, Nageswaran stated.
The Indian startup scene has changed dramatically over the past ten years, becoming the third largest ecosystem in the world with over 1.12 lakh startups currently recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) in 763 districts. More than 110 of them are unicorns, with a combined valuation of around $350 billion, he continued.