India will become the world's third largest economy with a GDP of more than five trillion dollars by 2027-28. Union Finance Minister Nirmala Sitharaman has said this. The Finance Minister said that currently more than 50 crore Indians have bank accounts, while in 2014 this number was 15 crore. The Finance Minister has said that India has received Foreign Direct Investment (FDI) of $ 595 billion in the last 8-9 years.
Finance Minister spoke at Vibrant Gujarat Summit
Finance Minister Nirmala Sitharaman said that even according to conservative estimates, the size of the Indian economy will reach 30 trillion dollars by the year 2047. Addressing the Vibrant Gujarat Global Summit, Sitharaman said, “It is possible that we will be the third largest economy by the financial year 2027-28 and our GDP will exceed five trillion dollars (five trillion dollars) by that time. A conservative estimate is that our economy will reach at least $3 trillion by the year 2047."
At present, India is the fifth largest economy in the world with a GDP of about 3.4 trillion dollars. Currently America, China, Japan and Germany are ahead of it. The Indian economy is estimated to grow at the rate of 7.3 percent in the current financial year, whereas its growth rate in the last financial year was 7.2 percent.
595 billion dollars of foreign investment came during the last eight-nine years
Speaking during the Vibrant Gujarat Summit 2024, Sitharaman said India has received foreign direct investment (FDI) worth $919 billion over 23 years till 2023. The Finance Minister said that 65 percent of this FDI i.e. $595 billion has come during the last eight-nine years of Narendra Modi government's tenure.
Referring to financial inclusion, he said that the number of people having bank accounts has increased to 50 crore whereas in 2014 only 15 crore people had bank accounts.