India Aims to Reach $5 Trillion Economy by FY28, $30 Trillion by 2047: Finance Minister at Vibrant Gujarat Global Summit

During the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman outlined ambitious projections for India’s economic growth. Currently the world’s fifth-largest economy at USD 3.4 trillion, India aims to become the third-largest by 2027-28, reaching a GDP of over USD 5 trillion. Sitharaman expressed confidence that even with conservative estimates, India’s economy could soar to USD 30 trillion by 2047.

Key Points

Current Standing: With a GDP of approximately USD 3.4 trillion, India holds the fifth position globally, following the US, China, Japan, and Germany.
Future Projections: Sitharaman anticipates India to secure the third spot in global economies by 2027-28, boasting a GDP surpassing USD 5 trillion. By 2047, a conservative estimate suggests the Indian economy could reach USD 30 trillion.
Economic Growth: The Indian economy is forecasted to grow at 7.3% in the current fiscal year, surpassing the 7.2% recorded in 2022-23.
Foreign Direct Investment (FDI): India attracted USD 919 billion in FDI over 23 years until 2023. Remarkably, 65% of this, amounting to USD 595 billion, flowed in during the past 8-9 years under the leadership of the Narendra Modi government.
Financial Inclusion: Sitharaman highlighted significant strides in financial inclusion, noting that the number of people with bank accounts surged from 15 crore in 2014 to 50 crore presently.