India Aims to Become World’s Third-Largest Economy by 2027-28, Says Finance Minister Nirmala Sitharaman
Gandhinagar, January 10 – Finance Minister Nirmala Sitharaman announced at the Vibrant Gujarat Global Summit on Wednesday that India is poised to become the world’s third-largest economy by 2027-28, surpassing a GDP of $5 trillion during that period.
Sitharaman expressed confidence in a conservative estimate that India could achieve a $30 trillion economy by 2047, emphasizing that the nation’s aspirations extend beyond economic milestones to ensure inclusive growth in the long term.
Highlighting India’s commitment to inclusive development, Sitharaman stated, “We are not only aiming to become a $30 trillion economy by 2047 but also aim to ensure inclusive growth.”
Providing insight into foreign direct investment (FDI) trends, the Finance Minister revealed that India received $919 billion in FDI over 23 years until 2023, with a substantial $595 billion influx occurring in the last 8-9 years under the Narendra Modi government.
Sitharaman underscored the collaborative efforts between states and the Centre, emphasizing a cooperative, competitive, and collaborative federalism approach since 2014. She noted that states are now actively competing with each other to contribute towards India’s goal of becoming a developed nation by 2047.
Currently, India’s GDP stands at approximately $3.4 trillion, ranking it as the world’s fifth-largest economy after the United States, China, Japan, and Germany. India maintains its status as the fastest-growing major economy, boasting a GDP growth rate of 7.6 percent in the July-September quarter of the current year.
