Favourable conditions exist to achieve USD 5 trillion economy target: official

New Delhi: With a strong policy driven government at the Centre, favourable conditions exist in India to achieve the target of USD 5 trillion economy by 2024, a top government official said on Thursday.

"We in India are in cusp of a great opportunity and we are targeting at reaching USD 5 trillion economy by 2024 and reach USD 10 trillion economy by 2030," DPIIT Secretary Guruprasad Mohapatra said while speaking at the the inaugural session of the India Economic Summit here.

It is entirely possible in India. All right conditions exist with a strong policy driven government both at the centre and states, he added.

"I am sure, this captainship of the industry by the government will steer India to achieve the milestone," Mohapatra said.

The government has worked towards ease of doing business over the past five years, he added. "In ease of doing business, we have achieved much success..right now we are at 77th position...expect it to get better in the next rankings," Mohapatra said.

He also said the country has a strong startup ecosystem and the recent policy measures announced by the government would further help to bring investments.

"With strong string of policy measures announced recently by the government, I am sure India will definitely achieve USD 5 trillion economy very soon," he added.

He said that deliberations at the WEF would further give government ideas in order to get moving forward.