The finance ministry stated that India is expected to become the third-largest economy in the world with a GDP of $ 5 trillion in the next three years and touch $ 7 trillion by 2030 on the back of continued reforms. By 2030, this figure is expected to soar to $7 trillion, driven by ongoing reforms. A decade ago, India held the 10th position globally, with a GDP of $1.9 trillion. Despite challenges like the pandemic and inherited economic imbalances, the country has ascended to the 5th position, with an estimated GDP of $3.7 trillion in the fiscal year 2024, as per the ministry's January 2024 economic review.
"This ten-year journey is marked by several reforms, both substantive and incremental, which have significantly contributed to the country's economic progress," it said. The ministry also noted that these reforms have bolstered India's economic resilience, providing a crucial buffer against unforeseen global shocks in the future.
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 $ 5 trillion. "The government has, however, set a higher goal of becoming a 'developed country' by 2047. With the journey of reforms continuing, this goal is achievable," it said.