India growing amid decelerating global growth; on cusp of achieving $5 trillion mark: Triveni Turbine MD Nikhil Sawhney

India growing amid decelerating global growth; on cusp of achieving $5 trillion mark: Triveni Turbine MD Nikhil Sawhney

India is registering growth amid a decelerating global economy, and the country is on the cusp of achieving a "psychologically important" USD 5 trillion mark, industrialist Nikhil Sawhney said on Tuesday.

The government has set an ambitious target to make India a USD 5 trillion economy in the coming years.

Addressing business leaders here at a session of All India Management Association (AIMA), Triveni Turbine's Vice Chairman and Managing Director Sawhney said, this is India's century and the numbers point towards a great future for India.

The country has over a billion consumer base and a strong workforce. India is already the fifth-largest economy in the world and it is set to become the third-largest soon.

"India's GDP is nearing USD 4 trillion and it is on the cusp of achieving a psychologically important USD 5 trillion mark. India's digital economy is on the steroids and is set to grow to USD 1 trillion by 2026," he said.

At a time when the global economic growth is decelerating, India's GDP growth is set to accelerate and stay above 6.5 per cent in the foreseeable future, Sawhney, who is also the senior vice president of AIMA, said.

He urged the business leaders "to think big and dream big. It is a time to raise our expectations and performance. It is a time to bring it all together to make India one of the best countries and Indians among the finest people in the world."

The world is looking towards India for succour amid economic and geopolitical troubles. With expectations of up to 7 per cent average GDP growth for the coming decade and further, India is seen as the key provider of both demand and supply to the world economy, he noted.

India is seen as a safe haven in a world where geopolitical tensions are casting a dark shadow on global trade routes, supply chains and technology trust.

The world is coming to India for competitive, reliable and trustworthy supplies and innovations. India is at the centre of the new international formations to secure the trade routes in Indian Ocean and it is the anchor of the proposed new multi-modal trade routes connecting India to West Asia and Southern Europe, he added.

Triveni Turbine is a leading industrial steam turbine manufacturer, with a dominant market share of over 60 per cent in India.

Over 6,000 steam turbines supplied by Triveni have been installed across 18 industries in over 75 countries, including in Europe, Africa, Central & Latin America, SE Asia and SAARC.