India to become third largest economy by FY28: Nirmala Sitharaman

Gandhinagar, January 10

Finance Minister Nirmala Sitharaman on Wednesday exuded confidence that India will become the world’s third largest economy worth over $5 trillion by 2027-28 and a developed nation by 2047, with GDP touching $30 trillion.

India, with a GDP of roughly $3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany.

GDP to cross $5 trillion

It is possible that we will be the third largest economy by 2027-28, and our GDP will cross $5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least $30 trillion in terms of economy. Nirmala Sitharaman, Finance Minister

Sitharaman said during the Amritkal, which will mark 100 years of India’s Independence in 2047, emphasis is being given to sunrise industries. Also, the FDI policy of the Narendra Modi Government has helped attract foreign investment, with $595 billion coming in the past nine years.

“It is possible that we will be the third largest economy by 2027-28, and our GDP will cross $5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least $30 trillion in terms of economy,” Sitharaman said while addressing a seminar of Vibrant Gujarat Global Summit 2024.

Stressing that the people of India have met with the challenges post-Covid and recovery is on a strong footing, she said Gujarat will be the engine of growth in India’s march to become a developed economy by 2047.

The state has 5% of India’s population but contributes 8.5% to the country’s GDP. It is rapidly moving forward at 12% CAGR (annual growth) between 2011 and 2021 against a national average of 10.4%, the Finance Minister said.