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India to become USD 5 trillion economy, third-largest by 2027-28

With a GDP of over USD 5 trillion, India will turn out to be the third largest economic system by 2027-28, mentioned Finance Minister Nirmala Sitharaman on Wednesday, including that even going by conservative estimates, the scale of the Indian economic system can be USD 30 trillion by 2047.

“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,” Sitharaman mentioned on the Vibrant Gujarat summit.

After the US, China, Japan and Germany, India is at the moment the fifth largest economic system on the planet with a GDP of roughly USD 3.4 trillion. Indian economic system is projected to develop by 7.3 per cent within the present fiscal, larger than 7.2 per cent in 2022-23.

Sitharaman mentioned India has acquired USD 919 billion in overseas direct funding in 23 years until 2023. Of this, 65 per cent, or USD 595 billion, got here within the final 8-9 years of the Narendra Modi authorities.

Referring to monetary inclusion, the minister mentioned the variety of individuals with financial institution accounts has elevated from 15 crore in 2014 to 50 crore at current.

With inputs from PTI.

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