Sanjeev Sanyal, a member of Prime Minister Narendra Modi's Economic Advisory Council, has predicted that the GDP will reach four trillion dollars this year, surpassing the global growth rate. Sanyal said, "This year India's GDP will reach four trillion dollars and in this way we will go at par with Japan. We will continue to move ahead as the fastest growing economy in the world. Last year our growth rate was 8.2 percent and this year we hope to achieve a growth rate of more than seven percent. "

It took 17 years to become a trillion dollar economy

During the Cambridge India Conference, Sanyal said that after liberalization, it took us 16-17 years to become a trillion dollar economy. It took seven years to reach two trillion dollars. In 2021-22, we became a country with a three trillion dollar economy. This work should have taken us five years, but two years were wasted due to the Corona epidemic. He said that now we will cross the four trillion mark in just three years. If there is no major setback, it will take only two years to become a five trillion dollar economy.

Need to reform bureaucracy and increase global trade

During the discussion, Sanyal underlined the importance of maintaining macroeconomic stability, reducing NPAs of banks, reforming bureaucracy, increasing connectivity with global trade, and investing in sustainable energy through renewable and green technologies. Sanyal also called for modernizing India's legal system. Sanyal also criticized the imposition of environmental, social and governance standards without impartial consultation.