In a recent address to the Indian diaspora community in France, Union Minister Piyush Goyal announced that India is set to become the third-largest economy in the world by 2027. Currently the fifth-largest economy, India has been experiencing an average annual growth rate of around 7% over the last decade, driven by factors such as a growing middle class and a focus on innovation and entrepreneurship.
India will be third largest economy by 2027-28: Recent Performances:
Goyal cited the country’s export performance, which reached USD 750 billion in the 75th year of independence, as evidence of India’s upward trajectory.
He also highlighted India’s role as a global pharmacy, food bowl and trusted partner, with the world looking to Prime Minister Modi’s leadership to tackle current global challenges.
Goyal affirmed India’s commitment to its partnership with France, and called on the Indian diaspora to play a crucial role in furthering this partnership.
India: A Developed Nation by 2047:
With an ambitious target to become a 30-35 trillion-dollar economy by 2047, when India celebrates 100 years of independence, the country faces significant challenges such as infrastructure deficits and income inequality, but also boasts a vibrant startup ecosystem and a focus on sustainable development.