India’s economy is growing steadily at an annual rate of 6.5 per cent and is on track to become an $8 trillion economy in the coming years, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Wednesday.

In an interview with IANS, the minister said, “India has already grown from a $2 trillion to a $4 trillion economy and with the current growth rate of 6.5 per cent, we are headed towards becoming an $8 trillion economy in the near future.”

He further emphasised that economic growth directly benefits the citizens.

“As the economy expands, it boosts economic activity and increases per capita income. In today’s interconnected world, this also leads to greater exchange of goods and services,” he told IANS.

Puri also pointed out that a stronger economy enhances a country's global standing and credibility.

According to the International Monetary Fund’s (IMF) World Economic Outlook released in April 2025, India’s nominal GDP is expected to rise to $4.187 trillion in 2025, slightly ahead of Japan’s projected GDP of $4.186 trillion.

The IMF projects that India could surpass Germany to become the world’s third-largest economy in the coming years.

By 2027, India’s GDP is expected to cross the $5 trillion mark, reaching $5.069 trillion, and by 2028, it may rise to $5.584 trillion -- compared to Germany’s estimated GDP of $5.251 trillion at that time, according to the IMF projection.

Meanwhile, the minister also assured that India has sufficient stocks of petrol and diesel, and there is no cause for concern amid escalating tensions between Israel and Iran.

“I want to make it absolutely clear that there is no shortage of petrol and diesel in the country. People do not need to worry,” he told IANS.

He stressed that India is well-prepared to handle the situation and ensure uninterrupted fuel availability.