IANS | 10 Jan, 2024
India will become the world’s third-largest economy by 2027-28, with its
GDP surpassing $5 trillion during that period, Finance Minister Nirmala
Sitharaman said on Wednesday at the Vibrant Gujarat Global Summit.
The estimate that India will be at least a $30 trillion economy by 2047 is a conservative estimate, the Finance Minister said.
“We are not only aiming to become a $30 trillion economy by 2047, but also aim to ensure inclusive growth,” she explained.
She
emphasized that the nation's goal extends beyond achieving economic
milestones, with a commitment to fostering inclusive growth in the long
term.
The finance minister said India has received USD 919 billion
in foreign direct investment in 23 years till 2023 as much as 65 per
cent or USD 595 billion of which came in the last 8-9 years of the
Narendra Modi government.
She also said that since 2014, the
approach between states and Centre has been of cooperative federalism,
competitive federalism and collaborative federalism. That is how today
you find states competing with one another on who will contribute how
much towards India becoming a developed nation in 2047, she added.
India’s
GDP is currently around USD 3.4 trillion making it the fifth largest
economy in the world after the US, China, Japan and Germany. The country
is also the fastest growing major economy with a GDP growth of 7.6 per
cent in the July-September quarter this year.
