India aims for $5 trillion economy by FY28, eyes $30 trillion by 2047: Finance Minister Sitharaman
10 Jan 2024
India’s Finance Minister Nirmala Sitharaman announced optimistic projections for India’s economic future at the Vibrant Gujarat Global Summit. She predicts India will overtake Germany and Japan to become the third-largest economy by 2027–28, boasting a GDP exceeding $5 trillion. By 2047, she estimates a conservative reach of $30 trillion, solidifying India’s economic standing.
This ambitious forecast builds on India’s current position as the world’s fifth-largest economy, with a GDP of roughly $3.4 trillion. Additionally, the economy is projected to grow by a robust 7.3% in the current fiscal year, surpassing the 7.2% growth of 2022–23.
Sitharaman further highlighted the success of foreign direct investment (FDI) in India, attracting $919 billion in the past 23 years, with 65% secured in the past 8–9 years under the current government. This surge in FDI demonstrates investor confidence in India’s economic potential.
Financial inclusion efforts have also seen remarkable progress, with the number of bank account holders tripling from 150 million in 2014 to 500 million in 2024. Widespread access to financial services is a crucial step towards economic empowerment and growth.
Overall, Finance Minister Sithraman’s projections paint a promising picture of India’s economic future, showcasing its potential to become a global economic powerhouse in the coming decades.
