India Aims to Rank 3rd in Global Economy by 2027-28: Sitharaman
Finance Minister Nirmala Sitharaman announced at the Vibrant Gujarat Global Summit that India is poised to become the third-largest global economy by 2027-28, with its GDP exceeding $5 trillion. She emphasized that the projection of India reaching a minimum of $30 trillion by 2047 is a conservative estimate. “We are not only aiming to become a $30 trillion economy by 2047 but also aim to ensure inclusive growth", she explained.
Highlighting a broader vision, the Finance Minister underscored that India's aspirations extend beyond attaining economic benchmarks, emphasizing a dedication to promoting inclusive growth over the long haul. She revealed that over the 23-year period until 2023, the nation garnered USD 919 billion in foreign direct investment, with a substantial 65 percent, equivalent to USD 595 billion, flowing in during the last 8-9 years under the Narendra Modi government.
She further mentioned that starting in 2014, the interaction between states and the Central government has been characterized by cooperative federalism, competitive federalism, and collaborative federalism. This is evident in the current scenario where states engage in healthy competition, vying to outdo each other in their contributions towards India's goal of achieving developed nation status by 2047.
At present, India boasts a GDP of approximately USD 3.4 trillion, securing its position as the world's fifth-largest economy, following the United States, China, Japan, and Germany. Additionally, it stands out as the fastest-growing major economy, registering an impressive 7.6 percent GDP growth in the July-September quarter of the current year.
