In April, he said that India's economy is expected to grow at 8-10% for the next 15 years i.e till 2030, however, the growth in dollar terms may be even higher.
"If the economy actually grows at 8-10% in rupees, in dollar terms it would be about 11-12%, and that kind of growth will turn India into about an $8 trillion economy from the current $2 trillion," he said.
If this happens India would be the third largest economy in the world.
The US Department of Agriculture had previously forecasted a similar result for 2030.
PWC had also projected India to get into third (in Purchasing Power Parity) GDP.
NITI Aayog (National Institution for Transforming India Aayog) is a policy think-tank of Government of India that replacedthe Planning Commission and aims to involve the states in economic policy-making in India. It provides strategic and technical advice to the central and the state governments
Panagariya has said that it is possible to achieve the $8 trillion economy target in less than 15 years too, if the country continues with growth-enabling policies.
SOURCES- DNa India, Bloomberg, PWC 2050 report