Breaking News
1. Congress in Kerala scrambles to stay clear of Shashi Tharoor’s controversial article on Emergency      2. Air India plane crash probe panel denies filing initial report, says findings to be made public by July 12      3. UK or France? Cabinet waits for DRDO on combat aircraft engine      4. Axiom-4 mission : Group Captain Shubhanshu Shukla’s stay in ISS extended, NASA says crew to undock on July 14      5. Continue, consider inclusion of Aadhaar, voter ID, ration cards: SC to EC on Bihar roll revision      6. Trump puts 35% tariff on Canada from August 1, eyes 15%-20% tariffs for others      7. Supreme Court Bench headed by Justice Dhulia to hear Bihar electoral roll revision case on July 10      8. Stock Market News, July 9, 2025: Trump Says 50% Tariff on Brazil Coming; Nasdaq Rises to Record      9. 11 killed as vehicles plunge into river after Gambhira bridge collapse in Vadodara      10. Seeking ties, not competition with Africa: PM Modi in Namibia      11. Delhi Tremors As 4.4 Earthquake Hits Haryana, Many Say 'Longest In Life'      12. Donald Trump slaps fresh tariffs on 14 nations, 40% on Myanmar and Laos      13. Explosive for Pulwama attack bought via e-commerce platform: Global terror watchdog      14. PM Modi conferred with Brazil's highest civilian award, says ‘moment of immense pride and emotion’      15. Bharat Bandh on 9 July 2025: Over 25 crore workers to go on strike — Are banks, schools, colleges open today?      16. As Trump warns BRICS, China, Russia say group doesn’t target anyone      17. Bharat Bandh: Over 25 crore workers expected to participate, public services likely to be hit on Wednesday      18. Netanyahu nominates Trump for Nobel Peace Prize      19. "Close To Making Deal With India": Trump As He Slaps Tariffs On 14 Countries      20. India will give a ‘new form’ to BRICS grouping in 2026: PM Modi     

India will become the third biggest economy in three years, with a GDP of USD 5 trillion: Finance Ministry

  • Posted on January 29, 2024
  • Economy
  • By Arijit Dutta
  • 305 Views

India, fueled by substantial reforms, is set to become the world's third-largest economy with a USD 5 trillion GDP in three years. The Finance Ministry projects a USD 7 trillion economy by 2030, showcasing remarkable growth despite challenges. The review highlights domestic demand strength, aiming for a consistent 7% plus growth rate.


India will become the third biggest economy in three years, with a GDP of USD 5 trillion: Finance Ministry Image Source -www.businesstoday.in

India, propelled by substantive reforms, is poised to emerge as the world's third-largest economy, achieving a staggering USD 5 trillion GDP in the next three years. The Finance Ministry projects a subsequent leap to USD 7 trillion by 2030, showcasing a remarkable transformation from the 10th largest economy a decade ago with a USD 1.9 trillion GDP to currently holding the 5th position at USD 3.7 trillion, overcoming challenges like the pandemic and economic imbalances.

This ten-year trajectory, marked by pivotal reforms, underscores the nation's economic resilience. The government envisions attaining developed country status by 2047, emphasizing the imperative role of state governments in purposeful and fruitful reforms.

Also Read: Rahul Gandhi's 'Bharat Jodo Nyay Yatra' Makes Its Way Into Bihar Following Political Realignments

While the government aspires to reach the USD 7 trillion milestone by 2030, the Finance Ministry's review accentuates the strength of domestic demand, contributing to a consistent 7% plus growth rate. The report anticipates that real GDP growth in FY25 will likely approach 7%, with considerable potential for the rate to surpass 7% by 2030.

Underlining the significance of the financial sector and structural reforms, the report expresses concerns primarily about geopolitical risks. The Chief Economic Adviser acknowledges unprecedented infrastructure development and increased public sector capital investment. However, amidst global economic challenges in the post-COVID recovery, the journey towards a USD 7 trillion economy is deemed feasible.

Author
No Image
Author
Arijit Dutta

You May Also Like