Home   »   Economy and Finance   »   India Aims to Reach $5 Trillion...

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

  1. Current Standing: With a GDP of approximately USD 3.4 trillion, India holds the fifth position globally, following the US, China, Japan, and Germany.

  2. 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.
  3. 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.
  4. 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.

  5. 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.

Please provide your answers in the comment section!!

 

India Aims to Reach $5 Trillion Economy by FY28, $30 Trillion by 2047: Finance Minister at Vibrant Gujarat Global Summit_4.1

 

 

India Aims to Reach $5 Trillion Economy by FY28, $30 Trillion by 2047: Finance Minister at Vibrant Gujarat Global Summit_5.1

TOPICS: