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
- 289 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.
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.
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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.
