India to become USD 5 trillion economy, third-largest by 2027-28

With a GDP of over USD 5 trillion, India will become the third largest economy by 2027-28, said Finance Minister Nirmala Sitharaman on Wednesday, adding that even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047.

"It is possible that we will be the third largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy," Sitharaman said at the Vibrant Gujarat summit.

After the US, China, Japan and Germany, India is currently the fifth largest economy in the world with a GDP of roughly USD 3.4 trillion. Indian economy is projected to grow by 7.3 per cent in the current fiscal, higher than 7.2 per cent in 2022-23.

Sitharaman said India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65 per cent, or USD 595 billion, came in the last 8-9 years of the Narendra Modi government.

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Referring to financial inclusion, the minister said the number of people with bank accounts has increased from 15 crore in 2014 to 50 crore at present.

With inputs from PTI.