India to hit $5tn economy before 2028: Hardeep Singh Puri
What's the story
Union Minister Hardeep Singh Puri is confident that India can become a $5 trillion economy well before the previously estimated year of 2028.
At a CII-EY session during the World Economic Forum Annual Meeting 2024, Puri said, "I don't think we need to wait till 2028 to become a $5 trillion economy, it should happen much before 2028."
He also discussed the significance of a well-planned energy transition for India, given its large population and expanding economy.
Details
Orderly energy transition crucial for India's growth
As the Minister for Petroleum and Natural Gas and Housing and Urban Affairs, Puri emphasized the necessity of an orderly transition for India, now the world's most populous nation.
He stated, "The transition has to be orderly because transition by nature has to have both a clear roadmap and it must have in place all the safeguards that will ensure that there are no knee-jerk decisions taken."
Puri also highlighted the importance of balancing domestic concerns with energy requirements.
What Next?
India committed to sustainability goals and energy targets
Puri assured that India will achieve its sustainability objectives in time while meeting the requirements of a growing economy.
He expressed, "I am confident that all the targets we have for 2030 on the energy transition, we will meet them. Our green hydrogen policy will succeed in a big way."
Puri also highlighted India's progress in meeting aviation fuel targets, biofuel blending potential, and the establishment of the Global Biofuel Alliance as signs of the country's commitment to sustainable development.