Finance Minister Nirmala Sitharaman expressed confidence that India will be the third largest economy in the world with a gross domestic product of over $5 trillion by 2027-28.
At the end of 2022-23, the Indian GDP stood at $3.7 trillion, and economy is now the fifth largest in the world. The International Monetary Fund (IMF) has projected India to become a $5 trillion economy with the third-largest GDP in 2027-28, by overtaking Japan and Germany.
“It is possible that we will be the third largest economy by 2027-28, and our GDP will cross $5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least $30 trillion in terms of economy,” Sitharaman said while addressing a seminar of Vibrant Gujarat Global Summit 2024 at Gandhinagar.
During the Amritkal, which will mark 100 years of India’s Independence in 2047, emphasis is being given to sunrise industries, the minister said. The liberal foreign direct investment (FDI) policy of the Centre has helped attract foreign investment, with $595 billion coming in the last 9 years. Between April 2000 and March 2023, in 23 years, India has attracted $ 919 billion in foreign direct investment (FDI), 65% of this has come in the last 8-9 years, Sitharaman said.
