Economic slowdown temporary; India will become USD 5 trillion economy: Naidu

NEW DELHI: Vice-President M Venkaiah Naidu on Wednesday termed the economic slowdown as a “temporary effect” due to global factors and stressed that India will achieve its target of becoming a USD 5 trillion economy by 2024-25.

Addressing a national conference on ‘India-Africa partnership in a changing global order’ organised by the Indian Council of World Affairs, Naidu said India’s rise as a significant economic and global player and Africa’s rapid economic growth and its desire to take charge of its own destiny are factors that are shaping their contemporary relationship.

He said India aspires to be a USD 5 trillion economy by 2024-25 as outlined in the economic survey-2019.

Referring to the slowdown in the economy, Naidu said, “Friends, let me assure that Indian economic fundamentals are strong. They are stable because of the series of reforms we have taken and also (due to) the recession worldwide, there is some temporary effect.” (AGENCIES)