According to a statement by the Ministry of Finance in New Delhi, India may become the third largest economy in the world by 2027, with a gross domestic product of about $5 trillion. CNBC.
According to the report, the economy is expected to grow by 7% or more in fiscal year 2024 – if that target is met, this would be the third consecutive annual GDP growth of 7% this decade.
We will maintain the momentum and with this level of growth we can actually become the third largest economy in the world in 2027
Anantha Nageswaran, the government's chief economic adviser, said on Tuesday. According to him, the investments made in the last ten years in physical and digital infrastructure provide a solid foundation for this, which will keep India on the right track despite the weakness of the international economy.
The country's GDP currently stands at $3.7 trillion, making India the fifth largest economy in the world after the United States, China, Germany and Japan. According to Goldman Sachs, by 2075 they will overtake not only the Germans and Japanese, but even America.
India shares their optimism
India's Nifty 50 index rose more than 20 percent in 2023 at a record high, and this momentum continued in January this year, when the index crossed the 22,000-point level for the first time.
Investors are betting that the Reserve Bank of India will cut key interest rates this year, most likely in the second half of the year, which is likely to push stock markets and… It will also stimulate more spending in the economy.
However, the government's long-term goal in terms of economic growth is to make India a developed country by 2047.