February 28, 2024

India to be a $5 trillion economy by FY28; reach $30 trillion by 2047: FM

India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday.

Even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047, she noted.

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“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 said at the Vibrant Gujarat summit.

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

Indian economy is projected to grow by 7.3 per cent in the current fiscal, higher than 7.2 per cent in 2022-23.

Sitharaman said India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65 per cent, or USD 595 billion, came in the last 8-9 years of the Narendra Modi government.

Referring to financial inclusion, the minister said the number of people with bank accounts has increased from 15 crore in 2014 to 50 crore at present. PTI JD RKL CS JD BAL BAL