India’s $5 Trillion Dream: Faster Than Ever? Hardeep Puri reveals why he thinks India could hit its economic growth target earlier than expected. Read our comprehensive analysis!
India has the potential to achieve a $5 trillion economy well before 2028, said the Union Minister Hardeep Singh Puri, speaking at the World Economic Forum Annual Meeting 2024 in Davos. The event kicked off with an opening concert dedicated to the Sahara desert and Amazon rainforest, addressing global concerns about climate change, conflicts, and misinformation.
While official sessions and panel discussions commence on January 16, the opening ceremony featured the presentation of the annual Crystal Awards to three notable figures: architect Diebedo Francis Kere, actor Michelle Yeoh, and guitarist Nile Rodgers.
Minister Puri, responsible for petroleum and natural gas, as well as housing and urban affairs, emphasized the need for India’s energy transition to be conducted systematically to protect the interests of its vast population. He assured that India is committed to sustainability goals and will meet targets on time while supporting its growing economy.
During a CII-EY breakfast session on ‘accelerating India’s energy transition towards sustainable economic growth,’ Puri expressed optimism about achieving the $5 trillion economy milestone well before 2028. He stressed the importance of an orderly transition, emphasizing the need for a clear roadmap and safeguards to prevent hasty decisions.
Puri highlighted the crucial link between economic growth and energy, particularly for a populous country like India. Acknowledging the challenges of handling domestic compulsions, he emphasized the significance of energy resources, especially considering India’s reliance on imported crude oil.
In the context of global crises, Puri underscored the Indian government’s commitment to ensuring energy affordability and sustainability. He noted the shift away from traditional energy markets, highlighting the changing dynamics that no longer allow a defined number of suppliers to dictate prices.
Confident in India’s ability to meet 2030 targets for energy transition, Puri mentioned successes such as the Green Hydrogen Policy, advancements in aviation fuel targets, and the promising potential for biofuel blending in the country. He concluded by citing the establishment of the Global Biofuel Alliance as another example of India’s progress in the field.
