"The Future of India's Economy: What Can We Expect by 2027?"

India is walking the path to become the world's 3rd largest economy by the year 2027. Their GDP is projected to be about 5 trillion USD, according to the finance ministry. The projections have come just before the disclosure of an interim budget to be released soon.

In a report on Jan 29th, the finance ministry stated that the economy is set to grow at or above 7% in the fiscal year 2024. India's fiscal year starts on April 1st and ends on March 31st. If it meets the target of 7%, it will be the third year in a row of 7% GDP growth for India. Their current GDP is standing at $3.7 trillion. V Anantha Nageswaran, India's Chief Economic Advisor, has said that the government's goal is to become a developed country by 2047.

“The robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last ten years,” said Nageswaran, while explaining the key drivers to India's economic growth

He said that investment in infrastructure, both physical and digital, helped boost the supply side and manufacturing. As a result "real GDP growth will likely be closer to 7% in fiscal year 2025."

In a bold claim by Goldman Sachs, India is poised to become the world's second largest economy by the year 2075, overtaking not just Japan and Germany but the US as well. Currently, they are the 5th largest economy, behind the US, China, Japan, and Germany.