India's economy will breach the $5 trillion mark by 2025, Housing and Urban Affairs Minister Hardeep Singh Puri said today.
Talking about the country's economy, the Union minister said it is projected that by 2025, it will breach the $5 trillion mark.
"And by the time we complete the post-2030 development agenda, India will rank as the third largest economy, with a GDP of over $10 trillion," he further added.
The minister was addressing 'National Traders Conclave' organised by Confederation Of All India Traders (CAIT) in New Delhi.
Speaking about urbanisation, he said that come 2030, around 40 per cent of India's population is likely to reside in cities.
He said the pace at which the country is urbanising, and the demographic shifts taking place in the country, could not be predicted by even the "most visionary planner".
"Estimates suggest, come 2030, 40 per cent of India's population, or 600 million Indian citizens will reside in cities," the minister said.
Mr Puri said the trading community has reassured policy makers that they are against encroachment of public land, and are willing to cooperate with the central government in cracking down on all illegal activities.
On the sealing drive undertaken in Delhi by civic authorities, he informed that even as the government has amended the Delhi Master Plan-2021 to respond to the growing demand for urbanisation activities, which go against the rule of law, are being struck down