New Delhi, Feb 1 (PTI) Chief Economic Adviser V Anantha Nageswaran on Tuesday expressed hope that India would become a USD 5 trillion economy by FY26 or the next year on the back of 8-9 per cent sustained growth.

Also Read | PM Narendra Modi Hails Union Budget 2022-23 As ‘People-Friendly and Progressive’.

Gross domestic product (GDP) in dollar terms has already crossed USD 3 trillion, he said during the Finance Minister's post Budget interaction with media.

Also Read | Infinix Zero 5G India Launch Likely To Take Place on February 8, 2022: Report.

Prime Minister Narendra Modi in 2019 envisioned making India a USD 5 trillion economy and a global economic powerhouse by 2024-25. With this, India would become the third largest economy in the world.

Indian economy is estimated to grow at 9.2 per cent during the current fiscal while 8-8.5 per cent for the next financial year.

As far as USD 5 trillion economy is concerned, India is the fastest growing large economies in the world.

"Depending on how exchange rate move...Indian Rupee would remain stable to strong given what is going on the developed world. If we continue to retain the path of 8-9 per cent real GDP, it would translate into 8 per cent dollar GDP growth. If we extrapolate that we should be at the USD 5 trillion by 2025-26 or 2026-27," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)