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Union Minister Hardeep Singh Puri has exuded confidence that India will become a $5-trillion economy by 2024-25 and $10-trillion by 2030. On economic growth momentum, he said petrol consumption is 16% higher than pre-COVID levels, while diesel consumption is 10-12% higher. He noted that even the stock market has registered a growth of 250% since March 2020.

Puri mentioned that the pandemic has led to a different set of growth drivers -- revival of health sector, exports, global manufacturing risk index, increased economic activity, achieving renewable energy target and initiative like Gati Shakti, Foreign exchange reserve. On high energy and oil prices, he said the supply curve has been kept below the demand curve, which leads to high prices.

The minister said high price of energy undermines global economic recovery. He said the ideal is to release increased production in the market and that will be in the interest of the producing country also. For India, he said Centre and state in the spirit of cooperative federalism need to pool their resources to keep prices in check.