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Chief Economic Advisor (CEA) V Anantha Nageswaran has said that the Indian economy will be $3 trillion by the end of the current 2022-23 fiscal and is expected to be $7 trillion in the next seven years. He also said that the calendar year 2023 began in the context of the continuing conflict between Russia and Ukraine, which will create geo-political and geo-economic uncertainties. 

Nageswaran said the other major aspect is the opening up of China after two years of the pandemic and its impact on the world economy, particularly on retreating oil and commodity prices and also on the growth of the advanced economies of the US and Europe. He also said the most important issue is that the US is expected to lower its interest rates in 2024 or 2025, which will have an impact on the Indian rupee.

The CEA further said India had undertaken a lot of structural reforms, including the implementation of the Goods and Services Tax, and Insolvency and Bankruptcy Code, since 2016. He noted that Jan Dhan accounts have facilitated the seamless transfer of government benefits, adding that improvement in digital infrastructure has the potential to contribute 0.2 to 0.5 per cent of the country's GDP.e