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Vibrant Gujarat 2024: With $5 trn GDP, India to be the third-largest economy by FY28, says FM

Vibrant Gujarat 2024: With $5 trn GDP, India to be the third-largest economy by FY28, says FM

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Virendra Pandit

 

Gandhinagar: India is all set to become the third-largest economy by 2027-28, with a GDP of over USD 5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday.

Going by even conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047, she said at the Vibrant Gujarat Global Investors’ Summit 2024 here.

“It is possible that we will be the third-largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy.”

At present India, with a GDP of nearly USD 3.4 trillion, is the fifth-largest economy in the world, after the US, China, Japan, and Germany.

The Indian economy is projected to grow by 7.3 percent in the current fiscal, higher than 7.2 percent in 2022-23.

Sitharaman said India has received USD 919 billion in foreign direct investment in 23 years until 2023. Of this, 65 percent, or USD 595 billion, came in the last 8-9 years of the Narendra Modi government.

Citing financial inclusion, she said the number of people with bank accounts has increased from 15 crore in 2014 to 50 crore now.

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