Speaking at a seminar held by MCCI, Nageswaran stated virtually that the calendar year 2023 began in the background of the continuous conflict between Russia and Ukraine, which will "raise geo-political and geo-economic concerns".

The other key factor is China's opening up after two years of the epidemic, and its impact on the global economy, particularly on falling oil and commodity prices, as well as on the growth of the advanced economies of the United States and Europe.

"In these contexts, the Indian economy will be of the size of USD 3 trillion at the end of March 2023 and USD 7 trillion in the next seven years, which is not impossible," Nageswaran said.

The CEA also said the most important issue is that the US is expected to lower its interest rates in 2024 or 2025, which will have an impact on the Indian rupee. The National Statistical Office has predicted that the economic growth of the country in 2022-23 will be seven per cent in real terms and 15.4 per cent in nominal ones, the economist said.