Finance Minister Nirmala Sitharaman on Wednesday said India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, and even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047.
While speaking at the 10th edition of Vibrant Gujarat Global Summit in Gandhinagar, the minister further highlighted that India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65% (USD 595 billion), came in the last 8-9 years of the Narendra Modi government.
Importantly, the Finance Minister also said the number of people with bank accounts has increased from 15 crore in 2014 to 50 crore at present.
Prime Minister Narendra Modi also highlighted that the goal is to make India developed country in ‘next 25 years’.
“We have set a target to make India developed by the time India celebrates 100 years of its independence. And hence this 25 year tenure is India’s immortality. This is a period of new dreams, new resolutions and ever-new achievements,” PM said.
At the Summit, the Finance Minister also talked about the ongoing Viksit Bharat Campaign and said the Viksit Bharat agenda is a comprehensive vision plan which is being developed by the Government of India.
“The 21st century will be our century is one thing. But even by 2027, 2028, it is believed that we surely will be able to reach the third largest economy, a goal about which the Prime Minister has been speaking with a good sense of confidence and that is because the people of India have met with the challenges post COVID and built the recovery on a strong footing,” she stated.
Highlighting the work done by NDA government since coming into power, the minister said, “Since 2014, I can speak with certain authority that the approach between states and centre has been of cooperative federalism, competitive federalism, and also collaborative federalism.”
“That is how today you find states competing with one another to see who is going to contribute how much towards building a developed India in 2047…But in 2014, the planning commission had to be revamped and NITI Aayog which was more driven towards policy-making and guidance came in,” she said.
Currently, India is at a GDP worth USD 3.4 trillion, and is the fifth largest economy in the world.
The recent estimates by the government has said the economy is projected to grow by 7.3% in the current fiscal.
The data released by the Ministry of Statistics and Programme Implementation had said Real GDP is estimated to attain a level of Rs 171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 160.06 lakh crore, released on 31st May, 2023.
Nominal GDP in 2023-24 is estimated at Rs 296.58 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 272.41 lakh crore, released on 31st May, 2023. The growth in nominal GDP during 2023-24 is estimated at 8.9% as compared to 16.1% in 2022-23.
The statistics ministry’s first advance estimate of growth this year is even higher than the Reserve Bank of India’s (RBI) recently revised forecast of 7%. The Finance Ministry has also projected the growth exceed its forecast of 6.5%.
