10 years ago, India was the 10th largest economy in the world with a GDP of $1.9 trillion.
The Finance Ministry said that India can become the third largest economy in the world with a gross domestic product (GDP) of five trillion dollars in the next three years and with continuous reforms it will also touch the figure of seven trillion dollars by the year 2030. Ten years ago, India was the 10th largest economy in the world with a GDP of $1.9 trillion. The Finance Ministry has said in the January review report of the economy that despite the impact of the pandemic and the legacy of an economy with macro-economic imbalances and a fragmented financial sector, India will be the fifth largest economy with an estimated GDP of $ 3.7 trillion in the financial year 2023-24. There is economy.
Target to become a developed country by the year 2047
The ministry said that this 10-year journey has gone through many reforms, both concrete and gradual. He has made significant contribution to the economic progress of the country. These reforms have also provided the economic strength that the country will need to deal with future unexpected global shocks. Along with this, the ministry said that in the next three years, India is expected to become the third largest economy in the world with a GDP of five trillion dollars. According to the review report, the government has set a big target of becoming a 'developed country' by the year 2047. This goal can be achieved if the journey of reforms continues.
GDP estimated to be around 7 percent in financial year 2024-25: Report
The Survey report says that the strength of domestic demand has given the economy a growth rate of more than seven percent in the last three years. Real GDP growth in the financial year 2024-25 is likely to be around seven percent. There is a lot of scope for the growth rate to be more than seven percent by the year 2030. However, the ministry's review found that the increased risk of geopolitical conflicts could be a cause of concern for the growth rate of the Indian economy on the strength of recent and future structural reforms.
According to this, with reasonable assumptions regarding inflation gap and exchange rate, India can aspire to become a seven trillion dollar economy in the next six-seven years (by 2030). Chief Economic Advisor V Ananth Nageswaran, in his introduction to the review report, said the global economy is struggling to sustain its post-Covid revival and some shocks such as supply chain disruptions are likely to return in 2024 as well. If these shocks persist, they will affect trade flows, transportation costs, economic output and inflation around the world.
Published – January 29, 2024, 05:38 IST
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