ANI
New Delhi: In a bold declaration, Union Finance Minister Nirmala Sitharaman expressed unwavering confidence that India is poised to ascend as the world's third-largest economy, surpassing the $5 trillion GDP mark by 2027-28 and achieving the status of a developed nation by 2047, with an impressive GDP of $30 trillion.
Presently, India commands the position of the fifth-largest global economy, with a GDP of approximately $3.4 trillion, trailing behind economic giants such as the US, China, Japan, and Germany. Sitharaman highlighted the pivotal role of sunrise industries in India's trajectory towards economic prowess, underscoring the significance of the Narendra Modi Government's Foreign Direct Investment (FDI) policies that have successfully attracted $595 billion in the past nine years.
During her address at the Vibrant Gujarat Global Summit 2024 seminar, Sitharaman accentuated the emphasis on sunrise industries during the Amritkal, which commemorates 100 years of India's Independence in 2047. The Finance Minister credited the success of FDI policies for the substantial influx of foreign investments, illustrating the government's commitment to ensuring certainty, convenience, and ease of doing business.
Highlighting Gujarat as a pivotal player in India's economic landscape, Sitharaman praised the state's remarkable contribution. Despite constituting only 5% of India's population, Gujarat contributes a noteworthy 8.5% to the nation's GDP. The state's impressive 12% Compound Annual Growth Rate (CAGR) between 2011 and 2021 outpaces the national average of 10.4%, positioning it as a key driver of India's march towards a developed economy.
Sitharaman commended India's resilience in the face of post-COVID challenges and asserted that the country is on the path to becoming a self-reliant producer of semiconductors, with a significant surge in electric vehicle (EV) adoption. The Finance Minister attributed these achievements to the impactful FDI policies pursued by the government.
Discussing financial inclusion, Sitharaman highlighted that 80% of the population now possesses bank accounts, with the number of account holders skyrocketing from 15 crore to 50 crore since 2014. Looking ahead, she affirmed India's commitment to financial growth and development, setting ambitious targets for economic milestones.
In alignment with Sitharaman's optimism, a report by PHDCCI anticipates India's economy crossing the $4 trillion milestone in 2024-25 and surging further to $5 trillion by 2026-27. The report emphasizes India's resilience amidst global challenges and predicts a potential repo rate cut by the Reserve Bank of India (RBI) to stimulate economic growth.
Nirmala Sitharaman's ambitious projections and the positive industry outlook signal a transformative phase for India's economy. As the nation strategically navigates global challenges and leverages key sectors, the vision of India emerging as a global economic powerhouse by 2047 appears increasingly tangible.
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