Finance Minister Nirmala Sitharaman on Wednesday expressed confidence that India will become a $30 trillion economy by 2047 when the country celebrates 100 years of independence.
Addressing the Vibrant Gujarat Summit 2024, Sitharaman said India is expected to become the third largest economy globally by 2027-28 with GDP crossing $5 trillion.
“By 2047, it is a conservative estimate that we will reach at least $30 trillion in terms of economy,” she stated.
At present, India is the fifth largest economy with a GDP size of $3.4 trillion. The US, China, Japan, and Germany are the top four economies.
The Finance Minister credited the liberalized FDI policy of the Modi government for attracting record foreign funds worth $595 billion in the last nine years.
She pointed out that Gujarat, which accounts for 5 percent of India’s population, contributes 8.5 percent to the national GDP due to rapid industrialization.
Sitharaman listed sectors like semiconductors and EVs where India was reducing import dependence and boosting domestic manufacturing.
On financial inclusion, she said the number of Jan Dhan account holders has jumped from 15 crore in 2014 to 50 crore presently.
The Finance Minister’s growth projections highlight the vast potential of the Indian economy over the next 25 years due to factors like demography, technology, and reforms.
A $30 trillion GDP by 2047 would make India among the largest economies globally, reflecting the country’s economic turnaround.
